A bill to amend the Regional Rail Reorganization Act of 1973 to provide a payment for certain protected employees to insure that such employees were not disadvantaged between April 1 and September 30, 1976, with respect to preretirement life and medical insurance benefits.

Amends the Regional Rail Reorganization Act of 1973 to direct the Consolidated Rail Corporation to pay specified employees a sum in compensation for disadvantages incurred with respect to any voluntary relief plan benefits or pre-retirement benefits provided under any life or medical insurance plan.

Excludes such sum from the aggregate amount of paid-out benefits reimbursable by the Railroad Retirement Board.