A bill to amend the Railroad Retirement Act of 1937 and the Railroad Retirement Tax Act to revise certain eligibility conditions for annuities; to change the railroad retirement tax rates; and to amend the Interstate Commerce Act in order to improve the procedures pertaining to certain rate adjustments for carriers subject to part I of the act, and for other purposes.

Summary

Title I: Railroad Retirement Act Amendments - Railroad Retirement Amendments - Provides that individuals who will have attained the age of sixty and will have completed thirty years of service will be eligible for a railroad retirement annuity under this Act. Sets forth the rate of tax imposed on the income of every employee covered under the Railroad Retirement Tax Act. Revises the computation for deductions of the tax from the employees' compensation. Sets forth the rate of taxation to be applied against the employer. Extends the provisions of this Act to December 31, 1974. Provides that title II (Old-Age, Survivors' and Disability Insurance) of the Social Security Act is amended to provide an increase in benefits payable thereunder at any time during the period July 1, 1973, through December 31, 1974, the individual's annuity computed under the preceding provisions of Railroad Retirement Act shall be increased in an amount equal to the diference between (1) the amount (before any reduction on account of age) which would be payable to such individual under the then current law if his or her annuity were computed under this Act, without regard to the words 'plus 10 percent of such total amount' contained therein; and (2) the amount (before any reduction on account of age) which would have been payable to such individual under the law as in effect prior to July 1, 1973, if his or her annuity had been computed under this Act, without regard to the words 'plus 10 percent of such total amount' contained therein. Revises the method of computing a spouse's annuity under this Act. Provides that representatives of employees and representatives of carriers shall, no later than July 1, 1974, report to the Senate Committee on Labor and Public Welfare and the House of Representatives Committee on Interstate and Foreign Commerce their joint recommendations for restructuring the railroad retirement system based upon their negotiations and taking into account the report and specific recommendations of the Commission on Railroad Retirement. Title II: Interstate Commerce Act Amendments Railroad Rate Adjustment Act - Requires the Interstate Commerce Commission to, within thirty days of the filing of a verified petition by any railroad carrier or group of carriers subject to this part, permit the establishment of increases in the general level of both the interstate and intrastate rates of said carrier or carriers in an amount approximating that needed to offset increases in expenses theretofore experienced or demonstrably certain to occur commencing on or before the effective date of the increased rates, as a result of the enactment of title I of this Act or as a result of any future increases in taxes under the Railroad Retirement Tax Act, as amended, or any negotiated labor cost increases and comparable increased costs for other employees. States that whenever the Commission permits or authorizes any increase in the general level of rates, it shall require that any carrier or group of carriers making such an increase effective shall make it effective concurrentely both as to interstate rate, fares, charges, classifications, regulations or practices and those made or imposed by authority of any State; and such intrastate increases shall be deemed to have been prescribed within the meaning and under the authority of this Act.

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 11 July 1973

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• Public Law

  summary · EN · 10 July 1973

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• Introduced in House

  summary · EN · 18 April 1973

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