Congressional Pension Reform Act of 1997

[AI summary unavailable — showing source text] Congressional Pension Reform Act of 1997 - Provides for the deduction and withholding of seven percent (currently, eight and seven and one-half percent, respectively) of the basic pay of a Member of Congress or congressional employee under the Civil Service Retirement System, thus making such deduction and withholding equivalent to that of a Federal employee. Makes provisions regarding immediate retirement, entitlement to annuities, and deferred retirement for Federal employees applicable to Members. Removes specified provisions regarding annuities, reduced annuities, and deferred retirement for Members. Removes a provision that entitles a Member to an annuity if he or she serves in nine Congresses. Continues the applicability of existing provisions regarding immediate Member annuities and deferred retirement with respect to Members serving on or after this Act's effective date who, as of the day before such effective date, satisfy the existing age and service requirements for entitlement to immediate annuities or deferred retirement. Revises the formula for computing annuities of Members and congressional employees with at least five years of service to restrict creditable service…