Railroad Retirement Solvency Act of 1983

(Measure passed House, amended, roll call #297 (398-5))

Railroad Retirement Solvency Act of 1983 - Title I: Benefit Adjustments - Amends the Railroad Retirement Act of 1974 to make certain disabled railroad employees eligible for disability insurance benefits under the Social Security Act.

Sets forth formulas for determining annuities for certain individuals who retire before the age of 62. Sets forth the annuity formulas for spouses of such individuals and spouses of disabled employees. Makes such annuities comparable to benefits payable under the Social Security Act.

Revises the computation of railroad annuities with respect to cost-of-living adjustments made under the Social Security Act. Changes annuity beginning dates to conform to such dates under such Act.

Eliminates post-secondary school students from eligibility for survivors' annuities.

Requires the Board to prepare annually five-year projections of the retirement system, and, if necessary, to include the tax rate increase needed to assure solvency during such five-year period.

Revises annuity eligibility requirements to conform to such provisions under the Social Security Act.

Provides for the annualization of benefits for employees who perform service in less than 12 months in a calendar year.

Railroad Retirement Revenue Act of 1983 - Title II: Revenue Provisions - Amends the Internal Revenue Code to increase the tier II tax on railroad employees, employers, and employee representatives and to provide for annualization of tier I and tier II wage bases. Requires that all benefits provided under the Railroad Retirement Act of 1974 (other than tier I retirement benefits) be taxed as benefits received under employer plans.

Requires, effective January 1, 1984, all railroad employers to deposit railroad retirement employment taxes on the same schedule which applies to nonrailroad employers for the deposit of social security and income taxes.

Establishes a railroad unemployment repayment tax for rail employers from July 1, 1986, until October 30, 1990, for the repayment of loans from the Railroad Retirement Account made to the Railroad Unemployment Insurance Account.

Makes sick pay under the Railroad Unemployment Insurance Act taxable as gross income, unless such pay is the result of an on-the-job injury.

Title III: Borrowing Authority Adjustments - Directs the Secretary of the Treasury to transfer to the Railroad Retirement Account from the general fund such amounts as determined necessary by the Railroad Retirement Board after the end of each month beginning in October, 1983.

Amends the Railroad Unemployment Insurance Act to terminate the authority of the railroad unemployment insurance account to borrow from the Railroad Retirement Account on September 30, 1985.

Title IV: Other Benefit-Related Amendments - Changes the maximum percentage of amounts that may be transferred from the Railroad Retirement Account to the Dual Benefits Payments Account to such amount as determined necessary by the Board to pay dual benefits for a particular month. Provides for the transfer of amounts owed to the Railroad Retirement Account for unfunded dual benefits previously paid.

Amends the Railroad Unemployment Insurance Act to increase the monthly wage base on which railroad employers pay taxes for unemployment compensation.

Increases the earnings requirement for railroad employees to qualify for unemployment compensation.

Increases the waiting period for the payment of unemployment benefits during any strike from seven days to 14 days, including employees not participating in an illegal strike.

Amends the Railroad Retirement Act of 1974 to conform surviving parents benefits to such provisions under the Social Security Act.

Eliminates the deduction for military disability compensation from railroad annuities.

Requires the Railroad Retirement Board, whenever it submits budget requests or other specified information to the President or Office of Management and Budget, to concurrently submit such information to Congress.

Provides a procedure for the return to the Treasury of amounts attributable to benefit checks that remain unnegotiated six months after issuance.

Provides for an inspector general for the Railroad Retirement Board.

Directs the Board to honor court orders that treat certain retirement benefits as property subject to division in divorce proceedings.

Title V: Other Amendments - Establishes the Social Security Equivalent Benefit Account for the deposit of all social security equivalent revenues and for the payment of all social security equivalent benefits.

Requires the Railroad Retirement Board to annually submit to Congress a report on the actuarial status of the railroad retirement system under various economic and employment assumptions and to include recommendations deemed appropriate.

Amends the Railroad Unemployment Insurance Act to increase the monthly wage base for railroad unemployment insurance from $400 to $600 effective after December 31, 1983.

Directs representatives of railroad labor and management to jointly establish the Railroad Unemployment Compensation Committee to review all aspects of the unemployment and sickness insurance system provided by the Railroad Unemployment Insurance Act. Requires the Committee to report to Congress by April 1, 1984, on the results of such review and on the repayment of funds borrowed by such system from the Railroad Retirement Account.