Railroad Retirement Reform Act of 2000

Summary

Railroad Retirement Reform Act of 2000 - Amends the Railroad Retirement Act of 1974, title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA), the Internal Revenue Code (IRC), and the Railroad Retirement Solvency Act of 1983 and to outline provisions to restructure the railroad retirement system, with changes: (1) prohibiting the transfer of funds from the Social Security Equivalent Benefit Account to the Railroad Retirement Account or the Railroad Trust Fund, and restricting their use for paying for Social Security equivalent benefits and related administrative expenses; (2) transitioning to full Social Security coverage (with corresponding reductions in the railroad retirement benefit) and subjecting to employment taxes under the Federal Insurance Contributions Act (FICA taxes) any railroad employees who have performed service before January 1, 2002; (3) revising employer, employee representative, and employee tier 2 tax rates, tying the basis of their determination to the average account benefits ratio as defined in this Act; and (4) repealing the general fund subsidy to the Railroad Retirement Account. Directs the labor and management members of the Railroad Retirement Board to transmit a plan to the Secretary of Labor for a (private) multiemployer pension plan for individuals who would otherwise be covered by the Railroad Retirement Act of 1974. Amends IRC to: (1) repeal the 4.3-cent special motor fuel excise tax on railroads and inland waterway transportation; and (2) subject diesel fuel used in trains to the additional tax for the Leaking Underground Storage Tank Trust Fund.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 October 2000

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• Introduced in House (PDF)

  Introduced in House · EN · 4 October 2000

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• Introduced in House

  summary · EN · 4 October 2000

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