Public Affairs | RRB.Gov

Strategic Goal II - Stewardship

The RRB is committed to fulfilling its fiduciary responsibilities, not only to the railroad community but as a member of the larger Federal Government community. We will run the agency in an efficient, effective manner, treat our employees with the respect they deserve, and ensure that funds appropriated for agency operations are spent for their intended purposes. We will also take appropriate action to safeguard the funds used for benefit payments. The following objectives will chart our success toward this broad goal.

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The Railroad Retirement and Survivors' Improvement Act of 2001

The Railroad Retirement and Survivors' Improvement Act of 2001, signed into law December 21, 2001, liberalized early retirement benefits for 30-year employees and their spouses, eliminated a cap on monthly retirement and disability benefits, lowered the minimum service requirement from 10 years (120 months) to 5 years (60 months) of service if performed after 1995, and provided increased benefits for some widow(er)s.

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Strategic Goal I - Customer Service

Goal I: The RRB Will Provide Excellent Customer Service

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Legislation Enacted 1985-2000

The Balanced Budget and Emergency Deficit Control Act of 1985, known as the Gramm/Rudman/Hollings Act, enacted in December 1985, required decreases in vested dual benefit payments during the 1986 fiscal year and suspension of the January 1986 cost-of-living increase in the tier II portions of railroad retirement annuities. Gramm/Rudman and/or related budget legislation reduced vested dual benefits and supplemental annuities periodically in subsequent years.

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The 1983 Railroad Retirement Solvency Act

The scheduled annuity reductions were averted by enactment of the Railroad Retirement Solvency Act on August 12, 1983. The 1983 Act was based on negotiated recommendations of management and labor, and also incorporated recommend-ations of Congress and the Administration. The amendments were, in part, patterned after major social security amendments enacted earlier in the year, which had already effected changes in railroad retirement taxes and benefits through coordinating provisions in the Railroad Retirement Act.

Taxes

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Strategic Priorities

We have two comprehensive strategic priorities for this planning period: Customer Service and Trust Fund Stewardship.

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1981 Amendments

By 1980, recurring inflation and recession combined with other factors placed financial stresses on the railroad retirement system which made it clear that further financial action was needed to maintain the system. Railroad retirement amendments were subsequently enacted on August 13, 1981, as part of an Omnibus Budget Reconciliation Act. The amendments were generally effective October 1, 1981.

Taxes

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The Railroad Retirement Act of 1974

The Railroad Retirement Act of 1974, reflecting the basic principles of the Commission Report and incorporating the subsequent management-labor agreement, was enacted on October 16, 1974.

Two-Tier Formulas

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A Review of Operations

At the end of fiscal year 2015, total railroad retirement system assets equaled $26.3 billion. During fiscal year 2015, benefits totaling approximately $12.3 billion were paid under the Railroad Retirement and Railroad Unemployment Insurance Acts. Retirement and survivor benefits accounted for almost all of this amount. Net unemployment and sickness benefits totaled $86.3 million.

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Financial Reports

The RRB's 2016 railroad retirement financial report to Congress which addressed the period 2016-2040, was generally favorable, concluding that, barring a sudden, unanticipated, large decrease in railroad employment, or substantial investment losses, the railroad retirement system will experience no cash-flow problems during the 25-year projection period. The long-term stability of the system, however, is not assured.

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