A bill to amend the Railroad Retirement Act of 1974 to provide survivors' annuities to certain employees' survivors not currently eligible for such annuities, and to provide for reductions in annuities otherwise due to persons likely to become such survivors and employees.

Amends the Railroad Retirement Act of 1974 to provide that the surviving spouses of noncurrent connected (i.e., ex-railroad) workers who die before reaching retirement age will be paid both tier I (social security equivalent, covering both rail and nonrailroad) and tier II (industry pension equivalent, covering railroad employment only) benefits by the Railroad Retirement Board. Makes all noncurrent connected survivors eligible for survivors' benefits, with such benefits to be financed by a reduction in retiree and spouse benefits. Requires the consent of both the retiree and the spouse to waive such survivors' benefits, with specified exceptions.