Congressional Member's Pension Limitation Act of 1994

[AI summary unavailable — showing source text] Congressional Member's Pension Limitation Act of 1994 - Amends provisions governing the Federal Employee Retirement System (FERS) and the Civil Service Retirement System (CSRS) to redefine the "average pay" of a Member of Congress as the largest annual rate resulting from averaging the Member's rates of basic pay in effect for the three years of his or her service immediately preceding retirement. Prohibits a Member from being allowed creditable service for: (l) more than 12 years of Member service for purposes of FERS; or (2) more than the greater of 12 years of Member service or the Member's period of service as of the beginning of the 104th Congress for purposes of CSRS. (Sec. 4) Revises provisions governing FERS annuity eligibility to entitle a Member to an annuity upon being separated from service after reaching age 62 and completing four years of service. (Sec. 5) Makes changes in the computation of FERS annuities payable to Members to: (1) eliminate adjustments for service as a congressional employee; (2) apply the 1.7 multiplier to not more than 12 years of service of Members who had at least four years of service; and (3) apply annuity reductions to Members who retire befo…