Congress 107 - HR 180 - Railroad Retirement and Survivors' Improvement Act of 2001

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Annuities Auditing Civil actions and liability Congress Congressional reporting requirements Deficit reduction Diesel motor Divorce Divorcees Economics and Public Finance Energy Families Federal budgets Finance and Financial Sector Financial statements Fuel Gasoline tax Government Operations and Politics Government paperwork Government trust funds Income tax Injunctions Inland water transportation Investment of public funds Labor and Employment Law Locomotives 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 - 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 (the Fund) and a Railroad Retirement Investment Trust to manage and invest the assets of the Fund. Abolishes the Railroad Retirement Supplemental Annuity Account and provides for transfer of its funds to the Fund. Provides for various other transfers of funds to the Fund.

Requires the Railroad Retirement Board 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.

Actions

Feb 7, 2001

Referred to the Subcommittee on Social Security.
Jan 4, 2001

Referred to the Subcommittee on Railroads.
Jan 3, 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.
Jan 3, 2001

Introduced in House

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