MEMBERS OF U.S. CONGRESS DINE AT HOG TROUGH WHILE DRIVING UP NATIONAL DEBT
Wilmington, NC – Ilario Pantano, the Conservative Republican candidate for North Carolina’s 7th Congressional District, announced today that he is proud to join his friend, US Congresswoman Virginia Foxx (R-NC) supporting H.R. 2913 which ends the defined benefits pension program for members of Congress.
At present, members of Congress after serving 5 years become eligible for an annual pension payment equal to 1.7 percent of their salary multiplied by the number of years served up to 20 years. For every additional year served after 20 they receive an additional 1 percent of their salary. Members are required to pay 1.3 percent of their salary into the pension program.
H.R. 2913, whose lead sponsor is Congressman Mike Coffman (R-Co), will prevent current and future members of Congress from receiving any pension credits for additional years of service. Members will still be required to continue to pay into Social Security (as they are required to do now), and they may still elect to participate in the Federal Thrift Savings Plan (401k), which is available to all federal employees.
“This bill is a great first step towards reforming Congress, putting an end to career politicians advancing their personal agenda while living off the taxpayers, and returning to the citizen legislature our founders intended,” Pantano concluded. “It eliminates a major financial incentive for members to continue to serve even after they lose the passion for serving and discourages political opportunists for making a career out of being a Congressman.”
Later today, Pantano is also reaffirming his bonded term limit pledge, originally made during the 2010 cycle. This is further proof that Pantano will be a real leader in efforts to reform government and ending the professional political class in Washington.