Congress shall equitably treat government employees and retired congressmen and senators if they lose their health and other pension benefits by amendment to the Constitution.
Any existing Law in conflict with the Twenty Ninth Amendment shall be void except any Law in conflict with Clause 10 of the Thirtieth Amendment shall not be void until two years after its adoption during which time Congress shall extinguish all prohibited benefits and pay or promise to pay the present value thereof determined actuarially using a discount rate of 10 percent per annum, as of the date of such adoption, to those whose benefits are terminated thereby, with any deferred payment made without interest on such terms and conditions and over such time as Congress shall establish.
As a matter of fairness, we have provided in this proposed amendment a method for dealing equitably with members of Congress and federal employees who have relied on existing law for their retirement. This method gives Congress two years from the adoption of proposed Amendment 30.10 to calculate the present value of the future benefits of these persons and to thereafter pay such persons in cash or over time as Congress shall determine. Some may say the ten percent discount rate applied to the actuarial determination is too high. However, it is close to long-term yields in the stock market. These congressional and federal beneficiaries of special programs should not be heard to complain based upon short-term economic conditions for which they are largely responsible.