Rep. Tim Griffin (AR-02) issued the following statement after introducing H.R. 3480, the End Pensions in Congress (EPIC) Act:
"When I ran for Congress, I pledged that I would not accept a Congressional pension and would reform the pension plan for Members of the House and Senate to save taxpayers millions of dollars each year. Last week, our national debt topped $15 trillion, and the federal government borrows 42 cents for every dollar it spends. Taxpayers already pay too much to fund the government, and the EPIC Act recognizes today's reality that taxpayers cannot afford to provide pensions to Members of the House and Senate."
Under current law, at the age of retirement Members of the House and Senate who serve for at least five years receive a pension. This pension provides them with an annual payment of 1.7 percent of their salary multiplied by the number of years they served in Congress. In 2009, the average annual pension for Congressional retirees under the current plan was $40,140. Griffin's EPIC Act would end the Congressional pension plan for recently elected and future Members of the House and Senate who have not yet qualified for pension benefits. The EPIC Act would also end the pension plan for Members of the House and Senate who have served for five or more years but do not opt in to continue the pension plan within 90 days.