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In a press release, Rep. Dennis A. Ross (R-FL),chairman Oversight Subcommittee on Federal Workforce, Postal Service & Labor Policy, commended the committee passage of his bill, HR 3813, the Securing Annuities for Federal Employees (SAFE) Act, claiming it “is a step in the right direction toward regaining our credibility with the American people.” The SAFE Act reforms apply to federal employees including members of Congress. The highlights of the SAFE Act include:
- Retirement payment would be calculated based on highest five years of salary, and NOT the current three high years;
- A new pension formula for employees hired after December 31, 2012 who have less than 5 years prior civilian service;
- A better pension formula for federal employees in dangerous occupations, such as law enforcement;
- Members of Congress would be on par with federal employees for pension contributions.