S. 697 (107th): Railroad Retirement and Survivors’ Improvement Act of 2001

Introduced:
Apr 04, 2001 (107th Congress, 2001–2002)
Sponsor:
Sen. Orrin Hatch [R-UT]
Status:
Died (Referred to Committee)
See Instead:

H.R. 1140 (same title)
Passed House — Jul 31, 2001

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on April 4, 2001, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 04, 2001
Referred to Committee Apr 04, 2001
Cosponsors
75 cosponsors (47D, 27R, 1I) (show)
Committees

Senate Finance

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

Full Title

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

Summary

No summaries available.

Text

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Last updated Apr 04, 2001.
40 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.

4/4/2001--Introduced.
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.

House Republican Conference Summary

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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

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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 31