Congressional Annuity Reform Act of 1997

[AI summary unavailable — showing source text] Congressional Annuity Reform Act of 1997 - Amends provisions concerning the Civil Service Retirement System (CSRS) to: (1) limit the maximum CSRS annuity payable to Members of Congress with respect to cost of living adjustments (COLAs) to the final pay (or average pay, if higher) of the Member with respect to whom the annuity is paid; and (2) make other changes in the formula for computation of CSRS and Federal Employees' Retirement System (FERS) annuities payable to Members and congressional employees. Provides for the deduction and withholding of seven percent (currently, eight and seven and a half percent, respectively) of the basic pay of a member or congressional employee under CSRS (thus making such deduction and withholding equivalent to that of a Federal employee).…