An Overview Of The Railroad Retirement Program
The Railroad Retirement program was established in the 1930s. It provides retirement, survivor, unemployment, and sickness benefits to individuals who have spent a substantial portion of their career in railroad employment, as well as to these workers’ families. This article describes the history, benefit structure, and funding of the Railroad Retirement program.
The author is with the Office of Retirement and Disability Policy, Social Security Administration.
Acknowledgments: The author would like to thank Kathleen Romig, David Weaver, Denise Lamaute, Barbara Lingg, and Larry DeWitt for their helpful comments and suggestions.
The findings and conclusions presented in the Bulletin are those of the authors and do not necessarily represent the views of the Social Security Administration.
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All stops at great neck lirr schedule tours and was deteriorating rapidly and tie replacement. The supplemental annuity is not tier 2, it is an additional amount paid to railroad workers that have 25 years, a current connection, and have reached, let’s call it for simplicity, full retirement age. It’s something like an additional $20-$40/month depending on the number of years worked. Occupational disability is what it sounds like, and I. Please select trip information: From Station.
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Your Social Security Statement yearly earnings from 1973 to present. Your railroad earnings before 1973 are not shown on your Statement, but we do use them in calculating your credits and benefit estimates. You should contact a Railroad Retirement Board office or the Boards toll-free telephone number at 877-772-5772 for. May 18, 2015 · A unique LIRR contract allowed employees to retire at the relatively young age of 50 the … which is a portion of the full retirement payment for which they are eligible at 65.. “/> greek railways timetable. dirtvision schedule. primary school songs 2010. epping forest food web. visiting charleston sc. houses for sale in.
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How Are Railroad Retirement Benefits Calculated
- Railroad Retirement benefits are based on months of service and earnings credit.
- Earnings are creditable up to certain annual maximums on the amount of compensation subject to railroad retirement taxes.
Railroad employees and employers pay a Tier I tax which is the same as the Social Security tax. Employees and employers also pay a Tier II tax which contributes to financing Railroad Retirement benefit payments in excess of coverage provided under Social Security.
2022 Employee Tax Withholding:
- Tier I – 6.20 percent
- Tier II 4.90 percent
- Medicare – 1.45 percent *Starting in 2013, an additional tax of 0.9 percent will be withheld by the employer on earnings over $200,000.
2022 Employer Tax Withholding:
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There are a few important differences when you enroll in Medicare if you are or were a railroad worker. Your enrollment will be processed by the Railroad Retirement Board instead of by Social Security. If you are receiving Railroad Retirement benefits or railroad disability annuity checks when you become eligible for Medicare, RRB should.
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Use the IVR to request routine claim status, beneficiary eligibility and payment information, or to request a duplicate remittance advice.
The IVR is available to provide this information Monday through Friday, from 7:00 a.m. to 11:00 p.m. ET. General information is available through the IVR 24/7.
For more information about the IVR, please go to the “Using the Railroad Medicare IVR” section of our Customer Service page.
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Tampa Rrb And Odar Locations
The Railroad Board is situated in the R. L. Timberlake Federal Building at 500 E. Zack Street in Tampa, about 15 minutes away from our office. Also nearby is the Office of Disability Adjudication and Review , which has a Tampa Hearing Office that services Social Security Field Offices in Carrollwood, Dade City, Lakeland, Sebring, Tampa, Valrico and Winter Haven.
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When Is A Railroad Retirement Board Annuity Paid
A Railroad Retirement annuity cannot be paid until the employee stops railroad employment and files an application to begin receiving his/her monthly annuity.
The earliest that Railroad Retirement benefits may begin is either age 60 with 30 years of qualifying railroad service, or age 62. If you have 30 years of railroad service, you are eligible to draw an unreduced Railroad Retirement benefit at age 60. Otherwise, retirement annuity reductions are applied to annuities awarded before full retirement age, which ranges from age 65 for those born before 1938 to age 67 for those born in 1960 or later. You may wish to contact a financial advisor to help you make the best decision.
Targeted Disabilities Employment Trends
As of September 30, 2010, RRB employed 9 Individuals with Targeted Disabilities . In order to have met the federal 2% participation rate goal, 20 IWTD were needed. This is the same as the number of employees in FY 2009 and a decrease of 2 employees since FY 2006. The participation rate for FY 2009 was 0.93% and for FY 2006 was 1.11%. Over the 5-year period RRB had a net decrease of 0.19% in the participation rate of employees with targeted disabilities.
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LIRR service runs 24/7, with different schedules depending on destination and time of day. … Phone Number. 718 …. “/> rustic furniture fort worth. The LIRR is also facing probes from the Manhattan US Attorney’s office, the Queens District Attorney and the IG after watchdog group the Empire Center showed staff at the railroad raking in.
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The Future Funding Outlook
According to RRB reports to Congress, the financial outlook for RRB remains stable for the next 25 years. However, the decline in railroad employment is a potential concern. The number of individuals in RRB-covered employment fell from 640,000 in 1970 to 236,000 in 2007, a shift that presents a sizable demographic obstacle for a pay-as-you-go system. The current beneficiary-to-worker ratio for those covered under the Railroad Retirement Act is about 2.4 to 1. However, between 2000 and 2007, railroad employment has held fairly constant in the low- to mid-two hundred thousands .
Current projections make it reasonable to expect that RRB will remain solvent, at least in the near term. Nevertheless, RRB notes “nder the current financing structure, actual levels of railroad employment and investment returns over the coming years will largely determine whether corrective action is necessary” .
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There are a few important differences when you enroll in Medicare if you are or were a railroad worker. Your enrollment will be processed by the RailroadRetirement Board instead of by Social Security. If you are receiving RailroadRetirement benefits or railroad disability annuity checks when you become eligible for Medicare, RRB should.
Applying For A Railroad Retirement Annuity
Your Railroad Retirement annuity does not begin automatically you must apply for benefits by contacting the nearest Railroad Retirement Board office. To contact your local RRB office, call 772-5772 or use the RRB Zip Locator at www.rrb.gov to find the office nearest you.
Applications for a Railroad Retirement Annuity are accepted by the Railroad Retirement Board up to three months in advance of an annuity beginning date. Since the rules and requirements are complex, applicants should contact their local Board office for a pre-retirement consultation.
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Railroad Retirement Board Legal Team
Our Tampa office serves clients throughout the Tampa Bay area and our surrounding communities. The building is located 15501 North Florida Avenue, near Interstate 275 and U.S. Highway 41. This makes our building convenient to clients in Hillsborough, Polk, Sumter, Pinellas and Pasco counties. This office can help clients with a variety of disability claims, including Railroad Board annuities, Social Security Disability and Veterans benefits.
To reduce the burden of pursuing your disability benefits, our attorneys evaluate your claim at a complimentary consultation. We also only charge you for attorneys fees and costs if we win you benefits. To have us look into your claim, contact our Tampa office today by calling 264-5363 or using our online form.
The National Railroad Retirement Investment Trust
One unique aspect of the Railroad Retirement system is the private investment of some of its funds through the National Railroad Retirement Investment Trust . The trust is an independent organization, separate from the federal government. It is run by a board of trustees composed of three members selected by rail labor, three members selected by rail management, and an independent member selected by the other trustees . In fiscal year 2007, the NRRIT transferred $1.39 billion to the Treasury for payment of benefit obligations .
The program’s investments are diversified among a variety of asset classes. The NRRIT’s investment guidelines are frequently reexamined and adjusted, but the targeted investment allocations for the NRRIT in fiscal year 2007 are:
U.S. Equity40 percent
U.S. Fixed Income21 percent
Non-U.S. Fixed Income..7 percent
In fiscal year 2007, the net rate of return on assets managed by the NRRIT was 16.38 percent, compared with the 5.3 percent return experienced by the Social Security Trust Fundwhich is limited to investments in federal securitiesduring calendar year 2007 .
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It Was A Little Difficult: Drivers Reacting To Richmond Hill Railroad Crossing Construction
SAVANNAH, Ga. – Work continues Monday night on a Richmond Hill railroad crossing thats expected to have widespread traffic impacts across the city this week.
Crews say theyre completely repairing the crossing, which is causing traffic troubles across town. CSX crews say work on the railroad crossing replacement began early this Monday morning.
That work is forcing them to shut down a section of Ford Avenue near city hall until Friday evening between Richard Davis Dr. and Francis Meeks Way.
Richmond Hill city officials have put out detour routes hoping to alleviate some of the expected impacts on traffic.
Those routes include using US17, Harris Trail and Timber Trail Roads as well as Great Ogeechee Parkway and Bellfast Keller Rd. to access I-95.
Richmond Hill Police say theyll be monitoring and directing traffic, if necessary, at the detours during peak times.
The city is also urging anyone using the detour routes to drive carefully as they say many students cross those roads while walking to school.
City officials say that CSX has not alerted them to any potential work disruptions from the expected impacts of Hurricane Ian.
And drivers say that so far the work has been causing congestion on detour routes across the city.
The road is expected to reopen at 6 p.m. on Friday.
Copyright 2022 WTOC. All rights reserved.
Historical Synopsis Of The Railroad Retirement Program
The initiative for establishing a separate federal retirement program for railroad workers arose during the late 1920s as a response to the myriad problems facing the railroad industry’s private pension plans. During this period, more than 80 percent of railroad workers were employed by companies with existing pension plans, but the benefits provided by these plans were generally inadequate, liable to capricious termination, and of little assistance to disabled employees. When the Great Depression drove the already unstable railroad pension system into a state of crisis, the railroad industry was beset by retirees who needed immediate assistance. However, the planned Social Security system would not cover work performed before 1937 and was not scheduled to begin paying benefits for several years .
The revised Railroad Retirement and Carriers’ Taxing Acts were formulated and passed in 1937, establishing a national Railroad Retirement program. Almost 50,000 private railroad pensions were transferred into the system, which covered employees for retirement and disability. Initially, disability regulations were extremely stringent, and minimal benefits were provided for spouses or dependents of deceased workers. The program was financed with a tax of 2.75 percent, paid by both the employer and the employee on the first $300 of monthly income .
The following sections provide a summary of RRB’s current benefit structure, financing, and beneficiary population.
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Railroad Retirement Board Benefits
As a railroad employee, certain retirement and disability benefits may be available to qualified railroad employees and spouses.
Railroad Retirement is a program similar to, but legislatively and administratively separate from, the Social Security system. The two systems are closely coordinated with regard to earnings credits, benefit payments and taxes.
Railroad Retirement provides retirement benefits and comprehensive survivor and unemployment-sickness programs for the nation’s railroad workers and their families. Railroad Retirement is administered by the Railroad Retirement Board , an independent agency in the executive branch of the Federal Government. Key RRB responsibilities are defined under the federal Railroad Retirement and Railroad Unemployment Insurance Acts. The RRB also has administrative responsibilities under the Social Security Act for certain benefit payments and railroad workers’ Medicare coverage.
Railroad Unemployment Insurance Act
Under the Railroad Unemployment Insurance Act, unemployment insurance benefits are paid to railroad workers who are unemployed but ready, willing, and able to work and sickness benefits to railroad workers who are unable to work because of illness or injury. The RRB also operates a placement service to assist unemployed railroaders in securing employment.
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Freedom Of Information Act
The FOIA requires the RRB to disclose records to which a person has requested access in writing. Note, however, that certain exemptions and exclusions that the statute contains shield certain records, or parts of them, from disclosure. The FOIA applies to Federal agencies and does not create a right of access to records that are held by the U.S. Congress, the courts, or by State or local government agencies.
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The Railroad Retirement Board is an independent U.S. agency that administers benefit programs, including disability benefits, for the nations railroad workers and their families. A unique LIRR contract allowed employees to retire at the relatively young age of 50the age of eligibility has since changed to 55if they had been. The MTA Long Island Rail Road, founded in 1834, is the busiest commuter railroad in North America. The LIRR system is comprised of over 700 miles of track on 11 different branches, stretching 120 miles from Montauk on the eastern tip of Long Island to Penn Station in the heart of Manhattan, and Atlantic Terminal in Brooklyn.
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