A bill to amend the Railroad Retirement Act of 1937 to provide that the program of financial interchange with the social security system shall be placed on a current basis.

Provides, under the Railroad Retirement Act of 1937, that prior to the close of the 1975 fiscal year, and each fiscal year thereafter, for a determination of the amounts, if any, which if added to or subtracted from the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund would place each such Trust Fund in the same position in which it would have been if: (1) service as an employee after December 31, 1936, had been included in the term 'employment' as defined in the Social Security Act and in the Federal Insurance Contributions Act; and (2) this Act had not been enacted. Provides for the transfer to and from the Railroad Retirement Account the sums so determined.