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CONTENTS

CHRONOLOGICAL LIST OF WITNESSES

167

184

263

Neil P. Spiers, labor member, Railroad Retirement Board; Dale Zimmer-

man, assistant general counsel ; Joseph J. Mele, assistant to the manage-

ment member; and Abraham Benjamin, director of research.

Prepared statement with appendix---

Prepared statement on S. 2450 and S. 3522_

De Podwin, Horace J., dean, Graduate School of Business, Rutgers Univer-

sity, accompanied by James Laurie, an independent consultant, formerly

a railroad consultant on matters of railroad legislation policy--

Prepared statement-

Dempsey, William H., chairman, National Railway Labor Conference, ac-

companied by Stephen Ailes, president, Association of American Rail-

roads; and H. E. Greer, vice chairman, and W. L. Burner, Jr., director

of research, National Railway Labor Conference-

Prepared statement.--

387

394

308

335

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Dennis, C. L., international president, Brotherhood of Railway and Air

line Clerks, in behalf of the Congress of Railway Unions and Railway Labor Executive, Miami, Fla.; Jim Kennedy, general legislative Page counsel, Washington, D.C..

291 Prepared statement.--

291 Hacking, James M., legislative representative of the Retired Teachers Association and the American Association of Retired Persons_

431 Prepared statement

436 Masten, John K., senior citizen (retired)

462 Morton, Alexander L-----

460 Niessen, Abraham M., former chief actuary, Railroad Retirement Board -- 449 O'Neill, Paul H., Associate Director for Human and Community Affairs, Office of Management and Budget----

370 Prepared and supplemental statement

378 Speirs, Neil P., member, Railroad Retirement Board, representing railroad labor and management,

270 Prepared statement of Mr. Speirs and Mr. Quarels_-.

276

377

ADDITIONAL INFORMATION Chart:

How Coupling of Increases in Benefit Levels for Those on the Benefit

Rolls to the Benefit Formula Itself, Gives Double Advantage to

Future retirees..
Communications to :
Hathaway, William D., a U.S. Senator from the State of Maine, from:

Elliott, Floyd L., grand resident, National Association of Retired

and Veteran Railway Employees, Inc., Kissimmee, Fla., Septem-
ber 6, 1974.
Jones, A. F., September 7, 1974.

August 8, 1974..
Table :

Summary of Costs and Savings from Proposed Railroad Retirement
Amendments

448 447 459

387

APPENDIX
Text of:

House Report 93–1345 to accompany H.R. 15301.
H.R. 15301, as referred to Committee on Labor and Public Welfare -
Senate Report 93–1163 to accompany H.R. 15301..
H.R. 15301, as reported.--
House Document 93–371 (veto message)
Public Law 93–445, October 16, 1974.

471 686 839 1057 1211 1278

RESTRUCTURING OF THE RAILROAD RETIREMENT

SYSTEM, 1974

THURSDAY, SEPTEMBER 5, 1974

U.S. SENATE,
SUBCOMMITTEE ON RAILROAD RETIREMENT
OF THE COMMITTEE ON LABOR AND PUBLIC WELFARE,

Washington, D.C. The subcommittee met, pursuant to notice, at 9:42 a.m., in room 4232, Dirksen Senate Office Building, Hon. William D. Hathaway, subcommittee chairman, presiding.

Present: Senators Hathaway, Schweiker, and Taft.

Senator HATHAWAY. The Subcommittee on Railroad Retirement will come to order.

Today, the subcommittee begins hearings on proposals for the restructuring of the Railroad Retirement System in such a way as to assure its long-term actuarial soundness.

As I stated at the beginning of last year's hearings on this subject, there is no need to reiterate in detail the situation presently facing the Railroad Retirement System.

All of us are acutely aware of the precarious financial condition of the Railroad Retirement Fund. And all of us, members of this committee, as well as those present who are directly involved, are determined to reach a resolution which is equitable to all concerned as well as being financially sound.

The committee has before it several bills, including S. 2450, which involves increasing widow's benefits under the act, and which was introduced by Senator Cook; S. 3522 involving the last-employer clause which was introduced by Senator Biden, and S. 3612, which is the general restructuring bill introduced by myself.

This last bill, I should point out, is the product of a lengthy set of negotiations involving representatives of railway labor and management over the course of the last 18 months. These negotiations took place pursuant to the mandate of last year's legislation on this subject, Public Law 93-69.

Not yet before the committee, but of concern to us, is H.R. 15301, the companion restructuring bill to S. 3612, which has been reported by the House Committee on Interstate and Foreign Commerce and which will, I understand, be on the calendar in the House after the House Members return on September 11.

At this point we will receive for the record the text of the bills, Public Law 93-69 and departmental reports.

[The text of the bills referred to along with Public Law 93–69 and departmental reports follows:]

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