Railroad Retirement and Survivors' Improvement Act of 2001

Hozzl · 2023-01-17T00:03:07Z

Explore the details of House Bill 1140 Railroad Retirement and Survivors' Improvement Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

1/17/2023, 12:03 AM

Congressional Summary of HR 1140

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.

Read the Full Bill

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Current Status of Bill HR 1140

Bill HR 1140 is currently in the status of Bill Introduced since March 21, 2001. Bill HR 1140 was introduced during Congress 107 and was introduced to the House on March 21, 2001. Bill HR 1140's most recent activity was Received in the Senate and Read twice and referred to the Committee on Finance. as of August 1, 2001

Bipartisan Support of Bill HR 1140

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

368

Democrat Cosponsors

206

Republican Cosponsors

160

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1140

Primary Policy Focus

Labor and Employment

Potential Impact Areas

AnnuitiesAuditingBusiness income taxCivil actions and liabilityCommerceCongressCongressional reporting requirementsDeficit reductionDivorceDivorceesEconomics and Public FinanceExcise taxFamiliesFederal budgetsFinance and Financial SectorFinancial statementsGovernment Operations and PoliticsGovernment paperworkGovernment trust fundsIncome taxInjunctionsInvestment of public fundsLawMarried peopleOld age, survivors and disability insurancePersonal income taxRailroad employeesRailroad retirement plansRetirement ageSocial WelfareSurety and fidelitySurvivors' benefitsTax cutsTax ratesTax-exempt organizationsTaxationTransportation and Public WorksTrusts and trusteesWidowersWidowsWithholding taxWomen

Alternate Title(s) of Bill HR 1140

Railroad Retirement and Survivors' Improvement Act of 2001To modernize the financing of the railroad retirement system and to provide enhanced benefits to employees and beneficiaries.Railroad Retirement and Survivors' Improvement Act of 2001Railroad Retirement and Survivors' Improvement Act of 2001Railroad Retirement and Survivors' Improvement Act of 2001

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