Principal provisions and level costs of bills to amend the Railroad Retirement, Railroad Retirement Tax, and Railroad Unemployment Insurance Acts pending before the House of Representatives, 85th Cong., as of Mar. 5, 1957-Continued H. R. 3855, Mr. O'Konski.... Increases retirement and survivor benefits computed H. R. 3974, by Mr. Dorn of H. R. 4101, by Mr. Harris.... H. R. 4102, by Mr. Wolverton. H. R. 4187, by Mr. Burdick.. H. R. 4194, by Mr. Davis of H. R. 4195, by Mr. Davis of H. R. 4312, by Mr. Vursell... under the railroad retirement formulas by 10 percent. Does not increase the maximum on spouses' annuities, the amount of the social security minimum or the monthly compensation" minimum. Identical to H. R. 880. Combines the provisions of H. R. 4353 and H. R. Identical to H. R. 4101. Social security minimum amounts would be calcu- (b) Allows survivor benefits under both the Rail- Identical to H. R. 880. 1. Railroad retirement system: (a) Increases retirement and survivor bene- (b) Increases limit on monthly compensation (c) Provides insurance lump-sum with re- (d) Liberalizes the disability work clause, (e) Increases the combined rate of retirement Effect of amendments: Additional level cost 3. Additional level revenue 3. Level costs of system as would be Net level cost 4. See footnotes at end of table. Principal provisions and level costs of bills to amend the Railroad Retirement, Railroad Retirement Tax, and Railroad Unemployment Insurance Acts pending before the House of Representatives, 85th C Cong., as of Mar. 5, 1957—Continued 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. 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 CHAIRMAN. 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 Occupational disability: Current connection and age 60 with 10 years' Total disability: Age 50 to 64, fully and currently insured, and 20 service, or any age with 20 years' service. 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 effective November 1956.) Under 18, or became totally disabled before 18, unmarried: employee entitled to old-age benefit. (Disabled child's benefits begin January 1957.) [NOTE.-Minimum and maximum amounts for railroad retirement benefits shown below are calculated under the Social Security minimum and maximum provisions of the Railroad Retirement Act.] Under age 60, entitled child in her care, unremarried: employee with Under age 62, entitled child in her care, unremarried: employee fully 10 years' service and completely, or partially, insured. See footnotes at end of table. Comparison of benefit provisions and average benefits awarded and being paid in January 1957 ander the Railroad Retirement Act Type of benefit and the Social Security Act-Continued Average benefit awarded. Average benefit being paid. Present minimum. Present maximum.. Future maximum: Average benefit awarded. Average benefit being paid. Present minimum. Present maximum. Future maximum: Average benefit awarded. Average benefit being paid. Present minimum. Present maximum. Future maximum: January 1967. January 1977. |