Jerry Moran: “They will see their retirement contribution requirement increased by about 12 percent, from 8 to 9 rac{1}{2} percent. On…”

“They will see their retirement contribution requirement increased by about 12 percent, from 8 to 9 rac{1}{2} percent. On the base that is about a 12-percent increase. They will see their accumulated retirement reduced by 2 percent. So we hit them on the front end in terms of what they contribute and on the back end in terms of what they are able to accumulate toward their retirement, but when we compare that to Federal employees, there was actually a 35-percent increase. That is 2 rac{1}{2} percent over the current base of 7 percent, a 35-percent increase over what they are currently paying, plus there will be a reduction in what they are able to receive. And in the Thrift Savings Plan, which was designed to fix this, which we were committed to sustaining and to not changing, there will be a reduction in the employer contribution, the Federal Government's contribution, from 5 down to 3 percent. This will affect the quality of life is everyone in the Federal Government who is dependent upon a Federal retirement, whether it is in the legislative branch, or the executive branch, or the judiciary branch.”