Railroad Rate Adjustment Act

Title I: Railroad Retirement Act Amendments - Railroad Retirement Amendments - Provides that individuals who will have attained the age of sixty and will 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. Extends the provisions of this Act to December 31, 1974.

Provides that if title II (Old-Age, Survivors', and Disability Insurance) 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; (2) the amount (before any reduction on account of age) which would 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, not later than March 1, 1974, representatives of employees and retirees and representatives of carriers, acting through the group designated by them pursuant to this Act, shall submit to Congress a report containing their joint recommendations for restructuring the railroad retirement system in a manner which will assure the long-term actuarial soundness of such system, which recommendations shall take into account the specific recommendations of the Commission on Railroad Retirement.

Title II: Interstate Commerce Act Amendments - Railroad Rate Adjustment Act - Provides that the Interstae Commerce Commission shall by rule establish within ninety days after the date of enactment of this Act requirements for petitions for adjustment of interstate and intrastate rates of common carrier by railroad based upon increases in expenses of such carriers pursuant to the Railroad Retirement Amendments of 1973. Provides that such requirements shall be designed to facilitate fair and expeditious action on any such petition as required by this Act by disclosing such information as the amount needed in rate increases to offset such increases in expenses and the availability of means other than a rate increase by which the carrier might absorb or offset such increases in expenses.

Provides that prior to action upon any provision in a verified petition which relates to intrastate rates, the Commission shall request from any State authority having jurisdiction over any such rates, within ten days from the filing of such petition, a recommendation as to the action the Commission should take. Provides that the Commission shall give due regard to any such recommendation received within forty-five days from the date of request.

Title III: Separability - Provides that if any provision of this Act or the application thereof to any person or circumstances should be held invalid, the remainder of such Act or the application of such provision to other persons or circumstances shall not be affected thereby.