Page images
PDF
EPUB

148

1

1937 and the Railroad Retirement Act of 1935" and

" inserting in lieu thereof “Railroad Retirement Act of

2

3

1974"; and

(b) by striking out "such Acts” and inserting in

[blocks in formation]

6

SEC. 405. Section 12 (1) of the Railroad Unemployment 7 Insurance Act is amended by striking out "section 10 (b) (4) 8 of the Railroad Retirement Act of 1937" and inserting in lieu

9 thereof "subdivisions (5), (6), and (9) of section 7 (b) of

10 the Railroad Retirement Act of 1974". 11 TITLE V-AMENDMENTS TO THE INTERNAL

12

REVENUE CODE OF 1954

13

SEC. 501. (a) Section 3221 (c) of the Internal Reve

14 nue Code of 1954 is amended15

(1) by striking out "for appropriation to the Rail16 rond Retirement Supplemental Account provided for 17 in section 15 (b) of the Railroad Retirement Act of

[blocks in formation]

19

(2) by striking out "under section 3 (i) of such

20

21

Act" and inserting in lieu thereof “at the level provided under section 3 (j) of the Railroad Retirement Act of 1937 as in effect on December 31, 1974";

22

23

and

24

(3) by inserting after “section 3 (j) (2) of the

149

1

Railroad Retirement Act of 1937" "or section 2 (h)

2

(2) of the Railroad Retirement Act of 1974".

3

(b) Section 3221 (d) of such Code is amended

(1) by striking out “section 3 (j) of the Railroad

5

Retirement Act of 1937" and inserting in lieu thereof "section 2 (b) of the Railroad Retirement Act of 1974";

;

6

7

and

8

(2) by striking out “section 3 (j) of such Act” and inserting in lieu thereof "section 2 (b) of such Act”.

9

10

SEC. 502. Section 6413 (c) of the Internal Revenue

11 Code of 1954 is amended

12

(a) by inserting "or section 3201, or by both such sections," after “section 3101" in paragraph (1) there

13

14

of; and

15

(b) by adding at the end of paragraph (1) the following new sentence: "The term 'wages' as used in this

16

17

paragraph shall, for purposes of this paragraph, include ‘compensation' as defined in section 3231 (e)."

[blocks in formation]

SEC. 601. Section 3 (a) (6) of the Railroad Retirement

22 Act of 1937 is amended by adding at the end thereof the 23 following new sentences: "If the individual entitled to an in

24 crease determined under the preceding provisions of this 25 paragraph is also entitled to a benefit for the same month

150

1 under title II of the Social Security Act, there shall, any pro

2 visions to the contrary notwithstanding, be offset against the

3 total of the increase, or increases, of such individual deter

4 mined under the preceding provisions of this paragraph, any

5 amount by which such individual's social security benefit 6 was increased during the period July 1, 1974, through De7 cember 31, 1974. For purposes of approximating any such

8 offsets, the Railroad Retirement Board is authorized to de

9 termine the percentage figure which, when applied against 10 current social security benefits, will produce approximately 11 the amount of the increase, or increases, in social security

12 benefits during the period July 1, 1974, through Decem13 ber 31, 1974. The amount produced by applying such per14 centage figure to the current social security benefit of an 15 individual shall be the amount utilized in making the offset

16 prescribed by the provisions of this paragraph.” 17 SEC. 602. (a) The provisions of title I of this Act shall

18 become effective on January 1, 1975, except as otherwise

19 provided herein: Provided, however, That annuities awarded

20 under section 2 of the Railroad Retirement Act of 1974 on

21 the basis of an application therefor filed with the Board on or 22 after such date may, subject to the limitations prescribed in 23 section 5 (a) of such Act, begin prior to such date, except 24 that no annuity under paragraph (ii) of section 2 (a) (1)

40-239 (Pt. 2) 0.74 - 24

151

1 of such Act shall begin to accrue to a man prior to July 1,

2 1974.

3 (b) The provision of section 1 (o) of the Railroad Re4 tirement Act of 1974 which provides that a "current con5 nection with the railroad industry” will not be broken by 6 "employment with the Department of Transportation, the 7 Interstate Commerce Commission, the National Mediation 8 Board, or the Railroad Retirement Board” shall not be ap9 plicable (A) for purposes of paragraph (iv) of section 10 2 (a) (1) of such Act, to an individual who became disabled, 11 as provided for purposes of such paragraph, prior to Jan12uary 1, 1975, (B) for purposes of section 2 (b) (1) of such 13 Act, to an individual whose annuity under section 2 ja) of

14 the Railroad Retirement Act of 1937 or section 2 (a) (1)

15 of the Railroad Retirement Act of 1974 first began to ac

16 crue prior to January 1, 1975, and (C) for purposes of

17 section 2 (a) (1) of such Act, to a survivor of a deceased

18 employee if such employee died prior to January 1, 1975. 19 (c) The provisions of clause (i) (B) and clause (ii) 20 (B) of section 2 (c) (1) of the Railroad Retirement Act of 21 1974 shall not be applicable to the spouse of an individual if 22 (A) such individual will have completed thirty years of serv23 ice and will have been awarded an annuity under section 2 24 (a) of the Railroad Retirement Act of 1937 or section 2 (a)

25 (1) of the Railroad Retirement Act of 1974 which first

[graphic]

152

1 began to accrue prior to July 1, 1974, or (B) such individual 2 will have completed less than thirty years of service and will 3 have been awarded an annuity under section 2 (a) of the 4 Railroad Retirement Act of 1937 of section 2 (a) (1) of the

5 Railroad Retirement Act of 1974 which first began to accrue

6 prior to January 1, 1975. For purposes of the entitlement of 7 the spouse of an individual described in clause (A) or (B) 8 of the preceding sentence to an annuity under such section 2 9 (c) (1), the provisions of clause (i) (B) of such section 2 10 (c) (1) shall be deemed to read: “(B) has attained the age

11 of 65".

12 (d) The provisions of section 2 (b) (1) of the Railroad 13 Retirement Act of 1974 which permit an individual to be14 come entitled to a supplemental annuity thereunder if he “has 15 attained age 60 and completed thirty years of service” shall 16 not be applicable to an individual who was awarded an an17 nuity under section 2 (a) of the Railroad Retirement Act of

1937 or section 2 (a) (1) of the Railroad Retirement Act

19 of 1974 which first began to accrue prior to July 1, 1974. 20 (e) The provisions of section 7(e) of the Railroad

Retirement Act of 1974 shall be effective on the enactment

22 date of this Act and shall apply with respect to all gifts 23 and bequests covered thereunder, regardless of the date on

24 which such gifts or bequests were made. 25 SEC. 603. The provisions of title II of this Act and

« PreviousContinue »