the Department of Labor and it can readily be checked with the Bureau of Labor Statistics. The CHAIRMAN. Let it be included in the record at this point. Along this line I think it would be valuable to include in the record a table which the staff has prepared giving a comparison of benefit provisions and average benefits awarded and being paid under the Railroad Retirement Act and the Social Security Act, January 1959. Let both of them go into the record at this point. (The tables follow :) Examples of monthly amounts, including OASI payable to workers retiring in January 1959, at age 65 after 30 years of service based on $300 average monthly wage for selected private pension plans NOTE.-Amounts refiect provisions of plans as of February 1958, except for Ford Motor Co. and General Motors Corp. which reflect revised provision under new contracts negotiated in fall of 1958 OASI amounts are those payable under the Social Security Act as amended August 28, 1958, equal to $105 per month for employee, and $52.50 for wife. COMPARISON OF BENEFIT PROVISIONS AND AVERAGE BENEFITS AWARDED AND BEING PAID UNDER THE RAILROAD RETIREMENT ACT AND THE SOCIAL SECURITY ACT, JANUARY 1959 1 Eligibility requirements.. Age 65 and 10 years of service; age 60 to 64 and 30 years of service (male employees receive reduced benefits). Average benefit awarded. $130. Age 65, or age 62 on a reduced basis for women, and fully insured. $80. Average benefit being paid.. $120. Present minimum 2. $45.50 $108. Present minimum 2. $45.50.. Occupational disability: Current connection and age 60 with 10 years' service, or any age with 20 years' service. Total disability: Any age, 10 years' service. $115. Total disability: Age 50 to 64, fully insured, and 20 quarters of coverage in last 40 quarters preceding disability. January 1979. $205.30. $273.90. $127. $127. 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 or disability benefit. [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] Age 60, unremarried: employee with 10 years' service and com pletely insured. Age 62 (65 for widower), unremarried (with exceptions): employee fully insured. Average benefit awarded. $66. $59. Average benefit being paid.. $57. $56. Present minimum. $33. $33. Present maximum. $87. $87. $95.30 $95.30. January 1979. $95.30. $95.30. See footnotes at end of table. COMPARISON OF BENEFIT PROVISIONS AND A VERAGE BENEFITS AWARDED AND BEING PAID UNDER THE RAILROAD RETIREMENT ACT AND THE SOCIAL SECURITY ACT, JANUARY 1959 -Continued Under age 62, entitled child in her care, unremarried (with exceptions): employee fully or currently insured. Under 18, or became totally disabled before 18: employee fully or currently insured. Future maximum: January 1969. January 1979. Survivor (option) Eligibility requirements.. Average benefit awarded.. Election by employee before 1947. Retirement annuity reduced to provide annuity for widow. Average benefit being paid. $50. LUMP-SUM DEATH BENEFITS 1 Averages for January 1959 are estimates which include the effect, on both railroad 2 Present minimum railroad retirement annuity is based on 10 years of service and a maximum monthly compensation creditable was $300; beginning July 1954, it was increased to $350. 3 Too few awards for average to be significant. 4 Gross amount before deductions for other benefits paid. Source: Office of Director of Research, U.S. Railroad Retirement Board, Feb. 6, 1959, and Social Security Administration. |