To provide for pension reform, and for other purposes.
(Sec. 101) Provides for a guaranteed initial minimum amount for surviving spouses of deceased railroad employees. Bases such amount on the tier 1 and tier 2 benefit that would have been payable to the employee at the time of the award of the surviving spouse's annuity.
(Sec. 102) Repeals the reduction in tier 1 annuity components for employees and spouses prior to age 62, thus providing for full tier 1 annuities to employees at age 60 with 30 years of service and to spouses of employees with 30 years of service at age 60.
(Sec. 103) Reduces from ten to five years of service (after 1995) the vesting requirement for railroad retirement benefits for employees and survivors. Sets forth computation formulae for individual annuities through railroad retirement and Social Security benefit systems.
(Sec. 104) Repeals a maximum limit on annuity benefits payable to an employee and spouse under the railroad retirement system.
(Sec. 105) Establishes a Railroad Retirement Trust Fund (the Fund) and a National Railroad Retirement Investment Trust (the Trust) to manage and invest Fund assets.
(Sec. 106) Abolishes the Railroad Retirement Supplemental Annuity Account and provides for transfer of its funds to the Fund. Provides for transfer to the Fund of certain portions of the Railroad Retirement Account and of Social Security Equivalent Benefit account funds.
(Sec. 107) Transfers to the disbursing agent from the Dual Benefits Payments Account the amount necessary to make dual benefit payments.
(Sec. 108) Requires the Railroad Retirement Board (RRB) to calculate the ratio of assets to benefits to determine annual tier II tax rates for employers, employee representatives, and employees.
Title II: Amendments to the Internal Revenue Code of 1986 - Amends the Internal Revenue Code to exempt the Trust from taxation.
(Sec. 203) Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees.
(Sec. 204) Provides for adjustments to tier II tax rates for railroad employers, employee representatives, and employees.
Received in the Senate and Read twice and referred to the Committee on Finance.
Became Public Law No: 107-16.
Read twice and referred to the Committee on Finance.
Motion to reconsider laid on the table Agreed to without objection.
Cloture motion on the bill presented in Senate.
Considered by Senate. (consideration: CR S12306-12307)
Considered by Senate. (consideration: CR S12340-12344, S12350-12351, S12352-12363)
Considered by Senate. (consideration: CR S12390-12394)
Cloture motion on the bill withdrawn by unanimous consent in Senate.
Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Yea-Nay Vote. 90 - 9. Record Vote Number: 351.
Roll Call #351 (Senate)Passed Senate with an amendment and an amendment to the Title by Yea-Nay Vote. 90 - 9. Record Vote Number: 351.
Roll Call #351 (Senate)Message on Senate action sent to the House.
Mr. Quinn moved that the House suspend the rules and agree to the Senate amendments.
DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendments to H.R. 10.
Enacted as Public Law 107-90
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed.
Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendments Agreed to by the Yeas and Nays: (2/3 required): 369 - 33 (Roll no. 485).(consideration: CR H9160-9166, H9167-9168; text as House agreed to Senate amendment: CR H9160-9164)
Roll Call #485 (House)On motion that the House suspend the rules and agree to the Senate amendments Agreed to by the Yeas and Nays: (2/3 required): 369 - 33 (Roll no. 485). (consideration: CR H9160-9166, H9167-9168; text as House agreed to Senate amendment: CR H9160-9164)
Roll Call #485 (House)Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 107-90.
Became Public Law No: 107-90.