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survivor, had a current connection with the railroad

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industry at the time of his death.

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“(3) If the Social Security Act is amended after

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December 31, 1974, to remove any, or all, restriction on the receipt of more than one monthly insurance benefit thereunder, annuity amounts provided a person under section 3 (h), 4(e), or 4 (h) of this Act, or under section 204 (a) (3), 204 (a) (4), 206 (a) (3), or 207 (3) of title II of this Act, shall be reduced (but not below zero) by the amount of any annuity provided such person under this Act by reason of such amendment.

“(4) If and to the extent that an annuity or other benefit payable to a person by reason of the provisions of subsection (a), (b), or (c) of this section duplicates an annuity or other benefit then payable to such person under other provisions of this Act, such annuity or other benefit then payable under other provisions of this Act shall be reduced (but not below zero) by the amount of the annuity or other benefit payable by reason of subsection (a), (b), or (c).

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"SEPARABILITY

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"SEC. 20. If any provision of this Act, or the application

23 thereof to any person or circumstance, should be held invalid,

24 the remainder of such Act, or the application of such provi

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1 sion to other persons or circumstances, shall not be affected

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"SEC. 21. This Act may be cited as the 'Railroad Retire

5 ment Act of 1974'."

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TITLE II-TRANSITIONAL PROVISIONS

7 SEC. 201. The claims of individuals who, prior to the 8 effective date of title I of this Act, became eligible for 9 annuities, supplemental annuities, or death benefits under 10 section 2, 3 (j), or 5 of the Railroad Retirement Act of 1937 11 shall be adjudicated by the Board under that Act in the same

12 manner and with the same effect as if title I of this Act had

13 not been enacted: Provided, however, That no annuity, sup

14 plemental annuity, or death benefit shall be awarded under

15 the Railroad Retirement Act of 1937 on the basis of an

16 application therefor filed with the Board on or after the 17 effective date of title I of this Act: Provided further, That 18 no annuity under the Railroad Retirement Act of 1935, no 19 annuity or supplemental annuity under the Railroad Retire20ment Act of 1937, and no pension under section 6 of the

21 Railroad Retirement Act of 1937 shall be payable for any

22 month after December 31, 1974.

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SEC. 202. (a) Every individual who would have been

24 entitled to an annuity under the Railroad Retirement Act of 25 1935 for the month of January 1975, if this Act had not

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1 been enacted, shall be entitled to an annuity under paragraph 2 (i) of section 2 (a) (1) of the Railroad Retirement Act of 3 1974, beginning January 1, 1975, in an amount determined 4 under the provisions of section 3 (a) of such Act, which 5 amount shall initially be equal to the amount determined 6 under clause (i) of section 3 (a) (6) of the Railroad Retire7 ment Act of 1937 for the purpose of computing the last 8 increase in such individual's annuity under the Railroad 9 Retirement Act of 1935 pursuant to the provisions of section 10 105 of Public Law 93–69, less the amount of any monthly 11 insurance benefit to which such individual is actually entitled 12 (before any deductions on account of work) under the Social 13 Security Act.

(b) The amount of the annuity of an individual under 15 subsection (a) of this section shall be increased by an 16 amount, if any, equal to the amount by which (i) his annuity 17 under the Railroad Retirement Act of 1935 for the month

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18 of December 1974 exceeds (ii) his annuity under subsection 19 (a) of this section for the month of January 1975. 20 SEC. 203. (a) Every individual who would have been 21 entitled to a pension under section 6 of the Railroad Retire22 ment Act of 1937 for the month of January 1975, if this Act 23 had not been enacted, shall be entitled to an annuity under 24 paragraph (i) of section 2 (a) (1) of the Railroad Retire25 ment Act of 1974 in an amount determined under the provi

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1 sions of section 3 (a) of such Act, which amount shall

2 initially be equal to the amount determined under clause (i) 3 of section 3 (a) (6) of the Railroad Retirement Act of 1937

4 for the purpose of computing the last increase in such in

5 dividual's pension under section 6 of the Railroad Retire6 ment Act of 1937 pursuant to the provisions of section 105 7 of Public Law 93–69, less the amount of any monthly insur

ance benefit to which such individual is actually entitled 9 (before any deductions on account of work) under the Social 10 Security Act. 11 (b) The amount of the annuity of an individual under 12 subsection (a) of this section shall be increased by an 13 amount, if any, equal to the amount by which (i) his pen

14 sion under section 6 of the Railroad Retirement Act of 1937

15 for the month of December 1974 exceeds (ii) his annuity 16 under subsection (a) of this section for the month of

17 January 1975.

18 (c) The annuities of each individual under the preced19 ing subsections of this section shall be paid on January 1, 20 1975, and on the first day of each calendar month thereafter 21 during his life. 22 Sec. 204. (a) Every individual who was entitled to an 23 annuity under section 2 (a) 1, 2 (a) 2, 2 (a) 3, 2 (a) 4, or 24 2(a) 5 of the Railroad Retirement Act of 1937 for the

25 month of December 1974, or who would have been entitled

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i in paragraph (i) of section 1 (a) (1) of this Act. These

2 actuaries, along with a third who shall be designated by the

3 Secretary of the Treasury, shall be known as the Actuarial

4 Advisory Committee with respect to the Railroad Retire5 ment Account. The actuaries so selected shall hold member

6 ship in the American Academy of Actuaries and shall be 7 qualified in the evaluation of pension plans: Provided, 8 however, That these requirements shall not apply to any 9 actuary who served as a member of the Committee prior to 10 January 1, 1975. The Committee shall examine the actuarial 11 reports and estimates made by the Board and shall have

12 authority to recommend to the Board such changes in actu

13 arial methods as they may deem necessary. The compen

14 sation of the members of the Committee, exclusive of the

15 member designated by the Secretary, shall be fixed by the 16 Board on a per diem basis.

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"(g) The Board shall include in its annual report a

18 statement of the status and the operations of the Railroad

19 Retirement and Railroad Retirement Supplemental Accounts.

20 At intervals not longer than three years the Board shall make

an estimate of the liabilities created by this Act and shall

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"SEC. 16. Nothing in this Act shall be taken as restrict

25 ing or discouraging payment by employers to retired em

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