(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 railroad employers, employee representatives, and employee tier II tax rates.
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Railroads.
Referred to the Subcommittee on Social Security.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by Voice Vote.
Reported (Amended) by the Committee on Transportation. H. Rept. 107-82, Part I.
Reported (Amended) by the Committee on Transportation. H. Rept. 107-82, Part I.
House Committee on Ways and Means Granted an extension for further consideration ending not later than July 12, 2001.
Committee on Ways and Means discharged.
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Committee on Ways and Means discharged.
Placed on the Union Calendar, Calendar No. 77.
Mr. Young (AK) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H4955-4966)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1140.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 384 - 33 (Roll no. 305).(text: CR H4955-4959)
Roll Call #305 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 384 - 33 (Roll no. 305). (text: CR H4955-4959)
Roll Call #305 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.