Republicans Plan On Extending Payroll Tax Cut

House Republicans have unveiled their version of a plan for extending the payroll tax cut. It includes extending a freeze on federal salaries boosting federal employees' retirement contributions. It would extend the current freeze another year to 2013. Starting in January 2013, federal employees' contributions to their pension plan would increase annually, until it reaches 2.3 percent. For new federal employees, the contribution would be more then 3 percent. The bill would change the salary calculation for pension benefits. Annuities would be based on the final five years worked, rather then three.