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Railroad Retirement and Survivors' Improvement Act of 2001

1/16/2023, 3:03 PM

Congressional Summary of S 697

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 S 697

Bill S 697 is currently in the status of Bill Introduced since April 4, 2001. Bill S 697 was introduced during Congress 107 and was introduced to the Senate on April 4, 2001.  Bill S 697's most recent activity was Read twice and referred to the Committee on Finance. as of April 4, 2001

Bipartisan Support of Bill S 697

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
75
Democrat Cosponsors
47
Republican Cosponsors
27
Unaffiliated Cosponsors
1

Policy Area and Potential Impact of Bill S 697

Primary Policy Focus

Labor and Employment

Potential Impact Areas

- Annuities
- Auditing
- Civil actions and liability
- Congress
- Congressional reporting requirements
- Deficit reduction
- Divorce
- Divorcees
- Economics and Public Finance
- Families
- Federal budgets
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Government paperwork
- Government trust funds
- Income tax
- Injunctions
- Investment of public funds
- Law
- 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

Alternate Title(s) of Bill S 697

Railroad Retirement and Survivors' Improvement Act of 2001
A bill to 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

Comments

Sponsors and Cosponsors of S 697

Orrin G. Hatch
Orrin G. Hatch
UtahRepublican
Paul D. Wellstone
Paul D. Wellstone
MinnesotaIndependent
John Warner
John Warner
VirginiaIndependent
George V. Voinovich
George V. Voinovich
OhioRepublican
Robert G. Torricelli
Robert G. Torricelli
New JerseyIndependent
Strom Thurmond
Strom Thurmond
South CarolinaIndependent

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