Congress 107 - HR 1140 - Railroad Retirement and Survivors' Improvement Act of 2001

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Annuities Auditing Business income tax Civil actions and liability Commerce Congress Congressional reporting requirements Deficit reduction Divorce Divorcees Economics and Public Finance Excise tax Families Federal budgets Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Government trust funds Income tax Injunctions Investment of public funds Labor and Employment Law Married people Old age, survivors and disability insurance Personal income tax Railroad employees Railroad retirement plans Retirement age Social Welfare Surety and fidelity Survivors' benefits Tax cuts Tax rates Tax-exempt organizations Taxation Transportation and Public Works Trusts and trustees Widowers Widows Withholding tax Women

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Summary

Railroad Retirement and Survivors' Improvement Act of 2001 - Title I: Amendments to Railroad Retirement Act of 1974 - 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.

(Sec. 101) Provides for a guaranteed initial minimum amount for surviving spouses of deceased railroad employees. Bases such amount on the tier 1 and tier 2 benefit that would have been payable to the employee at the time of the award of the surviving spouse's annuity.

(Sec. 102) Repeals the reduction in tier 1 annuity components for employees and spouses prior to age 62, thus providing for full tier 1 annuities to employees at age 60 with 30 years of service and to spouses of employees with 30 years of service at age 60.

(Sec. 103) Reduces from ten to five years of service (after 1995) the vesting requirement for railroad retirement benefits for employees and survivors. Sets forth computation formulae for individual annuities through railroad retirement and Social Security benefit systems.

(Sec. 104) Repeals a maximum limit on annuity benefits payable to an employee and spouse under the railroad retirement system.

(Sec. 105) Establishes a Railroad Retirement Trust Fund (the Fund) and a National Railroad Retirement Investment Trust (the Trust) to manage and invest Fund assets.

(Sec. 106) 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.

(Sec. 107) Transfers to the disbursing agent from the Dual Benefits Payments Account the amount necessary to make dual benefit payments.

(Sec. 108) 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.

Title II: Amendments to the Internal Revenue Code of 1986 - Amends the Internal Revenue Code to exempt the Trust from taxation.

(Sec. 203) Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees.

(Sec. 204) Provides for adjustments to railroad employers, employee representatives, and employee tier II tax rates.

Actions

Aug 1, 2001

Received in the Senate and Read twice and referred to the Committee on Finance.
Jul 31, 2001

Motion to reconsider laid on the table Agreed to without objection.
Jul 31, 2001

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 384 - 33 (Roll no. 305). (text: CR H4955-4959)
Jul 31, 2001

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 384 - 33 (Roll no. 305).(text: CR H4955-4959)
Jul 31, 2001

DEBATE - The House proceeded with forty minutes of debate on H.R. 1140.
Jul 31, 2001

Considered under suspension of the rules. (consideration: CR H4955-4966)
Jul 31, 2001

Mr. Young (AK) moved to suspend the rules and pass the bill, as amended.
Jul 12, 2001

Placed on the Union Calendar, Calendar No. 77.
Jul 12, 2001

Committee on Ways and Means discharged.
May 24, 2001

House Committee on Ways and Means Granted an extension for further consideration ending not later than July 12, 2001.
May 24, 2001

Reported (Amended) by the Committee on Transportation. H. Rept. 107-82, Part I.
May 16, 2001

Ordered to be Reported by Voice Vote.
May 16, 2001

Committee Consideration and Mark-up Session Held.
May 9, 2001

Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.
May 9, 2001

Subcommittee Consideration and Mark-up Session Held.
Apr 3, 2001

Referred to the Subcommittee on Social Security.
Mar 22, 2001

Referred to the Subcommittee on Railroads.
Mar 21, 2001

Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 21, 2001

Introduced in House

Amendments

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