To modernize the financing of the railroad retirement system and to provide enhanced benefits to employees and beneficiaries.
Establishes a Railroad Retirement Trust Fund (the Fund) and a Railroad Retirement Investment Trust to manage and invest the assets of the Fund. Abolishes the Railroad Retirement Supplemental Annuity Account and provides for transfer of its funds to the Fund. Provides for various other transfers of funds to the Fund.
Requires the Railroad Retirement Board to calculate the ratio of assets to benefits to determine annual tier II tax rates for employers, employee representatives, and employees.
Amends the Internal Revenue Code to exempt the Fund from taxation.
Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees.
Provides for adjustments to railroad employers, employee representatives, and employee tier II tax rates.
Received in the Senate and Read twice and referred to the Committee on Finance.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
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 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 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.
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