Congressional Member's Pension Limitation Act of 1994

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 before age 62 (currently, before age 60). Prohibits the service of a Member for purposes of computing his or her CSRS annuity from exceeding the total service of such Member or former Member as of the effective date of this Act or 12 years (whichever is greater).

(Sec. 6) Ends an employing agency's FERS or CSRS deductions from a Member's basic pay and ends Government and Member contributions after the Member has performed 12 years of service. Prohibits a Member credited with civilian service after July 31, 1920, for which CSRS retirement deductions or deposits have not been made from making such deposits for the service if it exceeds 12 years and was performed after January 1, 1995.

(Sec. 7) Requires a Member's employing agency to cease making contributions to the Thrift Savings Fund on the Member's behalf after the Member performs 12 years of service. Forfeits contributions and attributable earnings if a Member separates from Government employment before completing four years of service.