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CONTENTS

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CHRONOLOGICAL LIST OF WITNESSES

THURSDAY, SEPTEMBER 5, 1974
Cowen, James L., Chairman, Railroad Retirement Board, accompanied by

Neil P. Speirs, labor member, Railroad Retirement Board ; Dale Zim-
merman, assistant general counsel ; Joseph J. Mele, assistant to the man-
agement member; and Abraham Benjamin, director of research.--------

Spiers, Neil P., member, Railroad Retirement Board, representing railroad

labor and management--

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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 ----

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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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