Congressional Pension Reform Act of 1997

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 to service performed before this Act's enactment date. Makes similar amendments with respect to the computation of Federal Employees' Retirement System (FERS) annuities for Members and congressional employees.

Makes the reduction in annuity for Federal employees retiring before age 55 applicable to Members as well. Repeals provisions that provide for a different reduction formula for Members.

Repeals provisions concerning: (1) annuities for surviving spouses of Members entitled to deferred annuities; (2) the treatment of annuities during periods of reemployment; and (3) eligibility for annuities of Members or survivors.

Makes deductions and withholding and the formula for Government contributions under FERS for Members and congressional employees conform to those of Federal employees.