Bill would switch federal pensions to "high five" system
Federal employees would see their pension calculations changed from the average of their highest three years of pay to the average of their highest five years of pay, under a new bill introduced March 4.
The legislation, introduced by Rep. Bruce Westerman, R-Ark., would go into effect Jan. 1, 2017 and would save $3.1 billion over a 10 year period, according to calculations by the Congressional Budget Office.
The bill also applies to all members of Congress and their staffs. Military pensions would not be affected.