H.R. 1140 (107th): Railroad Retirement and Survivors’ Improvement Act of 2001

Introduced:
Mar 21, 2001 (107th Congress, 2001–2002)
Sponsor:
Rep. Don Young [R-AK0]
Status:
Died (Passed House)
See Instead:

H.R. 10 (same title)
Signed by the President — Dec 21, 2001

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on July 31, 2001 but was never passed by the Senate.

Progress
Introduced Mar 21, 2001
Referred to Committee Mar 21, 2001
Reported by Committee Mar 21, 2001
Referred to Committee Mar 22, 2001
Reported by Committee Apr 03, 2001
Referred to Committee May 09, 2001
Reported by Committee May 16, 2001
Passed House Jul 31, 2001
Votes

House: On Motion to Suspend the Rules and Pass, Amended
Jul 31, 2001 7:56 p.m.
Passed 384/33

Cosponsors
368 cosponsors (206D, 159R, 2I, 1I) (show)
Committees

House Transportation and Infrastructure

House Ways and Means

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

To modernize the financing of the railroad retirement system and to provide enhanced benefits to employees and beneficiaries.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Aug 01, 2001.
42 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/31/2001.
Title I - Amendments to Railroad Retirement Act of 1974
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.
Section 101 -
Provides for a guaranteed initial minimum amount for surviving spouses of deceased railroad employees. Bases such amount on the tier 1 and tier 2 benefit that would have been payable to the employee at the time of the award of the surviving spouse's annuity.
Section 102 -
Repeals the reduction in tier 1 annuity components for employees and spouses prior to age 62, thus providing for full tier 1 annuities to employees at age 60 with 30 years of service and to spouses of employees with 30 years of service at age 60.
Section 103 -
Reduces from ten to five years of service (after 1995) the vesting requirement for railroad retirement benefits for employees and survivors. Sets forth computation formulae for individual annuities through railroad retirement and Social Security benefit systems.
Section 104 -
Repeals a maximum limit on annuity benefits payable to an employee and spouse under the railroad retirement system.
Section 105 -
Establishes a Railroad Retirement Trust Fund (the Fund) and a National Railroad Retirement Investment Trust (the Trust) to manage and invest Fund assets.
Section 106 -
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.
Section 107 -
Transfers to the disbursing agent from the Dual Benefits Payments Account the amount necessary to make dual benefit payments.
Section 108 -
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.
Title II - Amendments to the Internal Revenue Code of 1986
Amends the Internal Revenue Code to exempt the Trust from taxation.
Section 203 -
Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees.
Section 204 -
Provides for adjustments to railroad employers, employee representatives, and employee tier II tax rates.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 95 Stat. 357

Other Citations

  • 31 U.S.C. Chapter 11