A bill to provide for a study of work and earnings limitations on the receipt of certain railroad retirement benefits and the effects of a proposed modification of those limitations.

Directs the Railroad Retirement Board to study whether an exception to the requirement that railroad annuitants cease to render compensated service and relinquish the right to return to that service in order to receive certain annuities, would be compatible with the financial stability of the railroad retirement system. Requires the Board to report to Congress on the results of such study, with recommendations, not later than one year after enactment of this Act.