Railroad Retirement and Survivors' Improvement Act of 2001

1/16/2023, 10:33 PM

Congressional Summary of HR 180

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.

Read the Full Bill

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Current Status of Bill HR 180

Bill HR 180 is currently in the status of Bill Introduced since January 3, 2001. Bill HR 180 was introduced during Congress 107 and was introduced to the House on January 3, 2001.  Bill HR 180's most recent activity was Referred to the Subcommittee on Social Security. as of February 7, 2001

Bipartisan Support of Bill HR 180

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 180

Primary Policy Focus

Labor and Employment

Potential Impact Areas

AnnuitiesAuditingCivil actions and liabilityCongressCongressional reporting requirementsDeficit reductionDiesel motorDivorceDivorceesEconomics and Public FinanceEnergyFamiliesFederal budgetsFinance and Financial SectorFinancial statementsFuelGasoline taxGovernment Operations and PoliticsGovernment paperworkGovernment trust fundsIncome taxInjunctionsInland water transportationInvestment of public fundsLawLocomotivesMarried 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 180

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 2001
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Comments

Sponsors and Cosponsors of HR 180

Bud Shuster
Bud Shuster
Pennsylvania(Independent)

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