Railroad Retirement Solvency Act of 1983

Summary

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. Repeals certain provisions to preserve the financial solvency of the Railroad Retirement Act. Title II: Revenue Increases - Amends the Internal Revenue Code to increase the tier II tax on railroad employees, employers, and employee representatives and to extend such tax from July 1, 1984, until June 30, 1986. Provides for adjustments of such tax rates after July 1, 1986, depending upon the tier II benefit deficit and the average Railroad Retirement Account balance requirements imposed by this Act. (Defines "tier II benefit" as benefits paid from the Railroad Retirement Account other than social security equivalent benefits). Requires that social security equivalent benefits of railroad employees be taxed like social security benefits, and that tier II benefits be taxed as benefits received under employer plans. Provides for the transfer of revenue increases to the Railroad Retirement Account. 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 are determined necessary by the Railroad Retirement Board after the end of each month beginning in October 1983. Amends the Railroad Unemployment Insurance Act to authorize advances to the railroad unemployment insurance account from the Federal unemployment account in the Unemployment Trust Fund. Requires an advance to the railroad unemployment insurance account in an amount sufficient to repay amounts due the Railroad Retirement Account. Title IV: Other 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. Makes technical and conforming amendments.

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Timeline

1. 18 April 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 April 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 2 August 1983

   Committee

   Committee on Finance. Hearings held. Hearings printed: S.Hrg. 98-272.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 18 April 1983

  Open at official source

Sponsors

• Sen. Stafford, Robert T. [R-VT] · R · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Railroad Retirement Solvency Act of 1983