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Railroad Retirement and Survivors' Improvement Act of 2001

Introduced: April 4, 2001 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 4, 2001

Read twice and referred to the Committee on Finance.

Apr 4, 2001

Sponsor introductory remarks on measure. (CR S3448-3450)

Apr 4, 2001

Introduced in Senate

Plain-English summary Congressional Research Service

Railroad Retirement and Survivors' Improvement Act of 2001 - Amends the Railroad Retirement Act of 1974 to increase benefits to railroad employees and their beneficiaries and to revise financing of the pension part (tier II) of the railroad retirement system.

Establishes a Railroad Retirement Trust Fund and a Railroad Retirement Investment Trust to manage and invest Fund assets. Abolishes the Railroad Retirement Supplemental Annuity Account and provides for transfer of its funds to the Fund. Provides for transfer to the Fund of certain portions of the Railroad Retirement Account and of Social Security Equivalent Benefit account funds. Transfers to the disbursing agent from the Dual Benefits Payments Account the amount necessary to make dual benefit payments.

Requires the Railroad Retirement Board (RRB) to calculate the ratio of assets to benefits to determine annual tier II tax rates for employers, employee representatives, and employees.

Amends the Internal Revenue Code to exempt the Fund from taxation. Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees. Provides for adjustments to railroad employers, employee representatives, and employee tier II tax rates.

What's happening now April 4, 2001

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1