Principal provisions and level costs of bills to amend the Railroad Retirement, Railroad Retirement Taw, and Railroad Unemployment Insurance Acts pending before the House of Representatives, 85th Cong., as of Mar. 5, 1957–Continued Estimated additional level cost 1 Bill Principal provisions Percent Millions per year payroll or H. R. 3855, Mr. O'Konski... Increases retirement and survivor benefits computed under the railroad retirement formulas by 10 per- mum or the monthly compensation" minimum. H. R. 3974, by Mr. Dorn of Identical to H. R. 880. South Carolina. 3665. ton. lated on compensation alone, and benefits payable creased while others would be decreased. annuities. road Retirement and Social Security Acts on the basis of the same employee's earnings. H. R. 4195, by Mr. Davis of Allows employees age 50 with 10 but less than 20 Georgia. years of service to qualify for an occupational dis ability annuity. H. R. 4312, by Mr. Vursell.... Identical to H. Ř. 880. H. R. 4353, by M. Harris.. 1. Railroad retirement system: (a) Increases retirement and survivor bene fits by approximately 10 percent includ- nuities. to $400. spect to all insured deaths. provides reduced annuities to women benefit. taxes by 242 percentage points and Additional level cost 3. Additional level revenue 3.. Net level cost 4 Level future taxes...... (a) Increases benefit schedule for unemploy. _ment benefits. with 5 or more years of service under specified conditions. other days for benefit purposes. the base year increased to $500. benefit and tax purposes to $400 a month.. rate of 4 percent. Net level cost of program 3 Maximum tax rate 3.. See footnotes at end of table. withified ad hobenen themum quo benefit to be treate 4. 22 4. 00 Principal provisions and level costs of bills to amend the Railroad Retirement, Railroad Retirement Tax, and Railroad Unemployment Insurance Aots pending before the House of Representatives, 85th Cong., as of Mar. 5, 1957–Continued Estimated addi. tional level cost 1 Bill Principal provisions Percent of payroll Millions per year Negiigible H. R. 4354 by Mr. Wolverton.) Identical to H. R. 4353. ;** I. R. 4530 by Mr. Van Zandt. Identical to H. R. 4353.1 R. 4676 by Mr. Byrd... Identical to H. R. 880. Grants completely insured status to individuals whose annuities began to accrue in 1948. years of service regardless of age. on either the 1924-31 base period or 1940-47 higher average. Pennsylvania. 1 Unless indicated otherwise, cost figures relate to a payroll with a $350 limit on monthly compensation. 2 Board objects to bill for reasons other than additional costs. 3 Relates to a payroll with a $400 limit on monthly compensation. 4 After allowing for funds on hand and estimated gains from financial interchange. Source: Office of Chief Actuary, Office of Director of Research, U. S. Railroad Retirement Board, Mar. -5, 1957. The CHAIRMAX. I would suggest, Mr. Clerk, that a copy be made available to each member, if they do not have it, because it will be helpful during the course of the hearings to refer to it. I have additional information here which I think will be helpful that will be included in the record at this point without objection. (The matter referred to is as follows:) Comparison of benefit provisions and average benefits awarded and being paid in January 1957 under the Railroad Retirement Act and the Social Security Act Age 65 and 10 years of service; age 60 to 64 and 30 years of service (male employees receive reduced benefits). Age 65, or age 62 on a reduced basis for women, and fully insured. (Benefits for women at age 62 are effective November 1956.). 5 Disability Occupational disability: Current connection and age 60 with 10 years' serviče, or any age with 20 years' service. Total disability: Age 50 to 64, fully and currently insóred, and 20 quarters of coverage in last 40 quarters preceding disability. (Benefits begin July 1957.) Average benefit awarded... January 1967...- $108.50. Spouse Age 65, or has entitled child in her care: employee age 65 entitled to retirement benefit. Age 65, or age 62 on reduced basis, or has entitled child in her care: employee entitled to old-age benefit. (Benefits at age 62 are effec- Under 18, or became totally disabled before 18, unmarried: employee entitled to old-age benefit. (Disabled child's benefits begin January 1957.) $23. $21. Average benefit awarded... MONTHLY SURVIVOR BENEFITS Railroad Retirement Act.) Age 60, unremarried: employee with 10 years service and completely insured. Age 62 (65 for widower), unremarried: employee fully insured. $53. 1 Widow (or dependent widower) January 1967. Widowed mother January 1967... $81.40. Under age 60, entitled child in her care, unremarried: employee with 10 years' service and completely, or partially, insured." $78.... $65.$22.50. $81.40.... $81.40.-----$85.18.... Under age 62, entitled child in her care, unremarried: employee fully or currently insured. Comparison of benefit provisions and average benefits awarded and being paid in January 1957 ander the Railroad Retirement Act and the Social Security Act_Continued ---... $42.--- .. .. .. Eligibility requirements. January 1967..-.. . ... Under 18, or became totally disabled before 18: employee with 10 | Under 18, or became totally disabled before 18: employee fully or years' service and completely, or partially, insured. currently insured. $39. $30. $81.40. $81.40. $81.40...... $81.40. Parent Age 60, unremarried, dependent, no other survivor eligible for monthly benefits: employee with 10 years' service and completely insured. Age 65 (62 for women), unremarried, dependent, no other survivor eligible for monthly benefits: employee fully insured. |