A bill to amend the Railroad Retirement Act of 1937 and the Railroad Retirement Tax Act to revise certain eligibility conditions for annuities; to change the railroad retirement tax rates; and to amend the Interstate Commerce Act in order to improve the procedures pertaining to certain rate adjustments for carriers subject to part I of the act, and for other purposes.

(LATEST SUMMARY)

=Title I: Railroad Retirement Act Amendments= - Railroad Retirement Amendments - Provides that individuals who will have attained the age of sixty and who have completed thirty years of service will be eligible for annuities under this Act. Sets forth the rate of tax imposed on the income of every employee covered under the Railroad Retirement Tax Act. Revises the computation for deductions of the tax from the employees' compensation. Sets forth the rate of taxation to be applied against the employer.

Provides that if title II of the Social Security Act is amended to provide an increase in benefits payable thereunder at any time during the period July 1, 1973, through December 31, 1974, the individual's annuity computed under the preceding provisions of the Railroad Retirement Act shall be increased in an amount equal to the difference between (1) the amount (before any reduction on account of age) which would be payable to such individual under the then current law if his or her annuity were computed under this Act, without regard to the words 'plus 10 percent of such total amount' contained therein; and (2) the amount (before any reduction on account of age) which have been payable to such individual under the law as in effect prior to July 1, 1973, if his or her annuity had been computed under this Act, without regard to the words 'plus 10 percent of such total amount' contained therein.

Revises the method of computing a spouse's annuity under this Act.

Provides that representatives of employees and representatives of carriers shall, no later than April 1, 1974, report to the Senate Committee on Labor and Public Welfare and the House of Representatives Committee on Interstate and Foreign Commerce their joint recommendations for restructuring the railroad retirement system based upon their negotiations and taking into account the report and specific recommendations of the Commission on Railroad Retirement.

=Title II:= Interstate Commerce Act Amendments - Railroad Rate Adjustment Act - Provides that notwithstanding any other provision of law, the Interstate Commerce Commission shall, within thirty days of the filing of a verified petition by any carrier or group of carriers subject to this part, permit the establishment of increases in the general level of both the interstate and intrastate rates of said carrier or carriers in an amount approximating that needed to offset increases in expenses theretofore experienced or demonstrably certain to occur commencing on or before the effective date of the increased rates, as a result of the enactment of title I of this Act.

Requires the Commission to, within sixty days from the date of establishment of interim rates, commence hearings for the purpose of making the final rate determination. Requires the Commission to then proceed to make such final rate determination. Provides that in making such determination, the Commission may take into account all factors appropriate to ratemaking generally under part I of this Act and shall determine such final rates under the standards and limitations applicable to ratemaking generally under part I of this Act.

=Title III: Separability= - Provides that if any provision of this Act is held invalid, the remainder of the Act shall not be affected thereby.