Termination of Lifelong Pensions for Members of Congress Act
Amends the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS) to exclude Members of Congress, except the Vice President, from further CSRS and FERS retirement coverage.
Prohibits further government contributions or deductions from such Member's basic pay for deposit in the Treasury to the credit of the Civil Service Retirement and Disability Fund.
States that nothing in this Act shall: (1) be considered to nullify, modify, or otherwise affect any right, entitlement, or benefit under CSRS or FERS for any Member covering any period before enactment of this Act; or (2) affect the eligibility of a Member to participate in the Thrift Savings Plan (TSP) in accordance with otherwise applicable law.
Allows Members covered by such exclusion, within 90 days after enactment of this Act, to elect to remain subject to CSRS or FERS, as the case may be.