Employee annuities paid under the Railroad Retirement Act are subject to dual benefit reductions when social security benefits are also payable, and they may be subject to reduction when certain public, non-profit or foreign pension payments are also due a retired employee. The Railroad Retirement Board (RRB) has released a questions and answers that describes
Beginning October 1, 2014, the U.S. Railroad Retirement Board (RRB) will reduce railroad unemployment and sickness insurance benefits by 7.3 percent, up from the current 7.2 percent reduction, as required by law. The adjusted reduction amount is based on revised projections of benefit claims and payments under the Railroad Unemployment Insurance Act. It will remain
Railroad retirement benefits are based on months of service and earnings credits. Earnings are creditable up to certain annual maximums on the amount of compensation subject to railroad retirement taxes. Credit for a month of railroad service is given for every month in which an employee had some compensated service for an employer covered by
The Railroad Retirement Board (RRB) is required by law to submit annual financial reports to Congress on the financial condition of the railroad retirement system and the railroad unemployment insurance system. These reports must also include recommendations for any financing changes which may be advisable in order to ensure the solvency of the systems. In
The Railroad Retirement Board (RRB) recently released a Strategic Plan, for the years 2014 through 2018. The RRB has a long and distinguished history of excellent customer service, and this plan continues that tradition by calling for the attainment and maintenance of high levels of accuracy and timeliness in paying retirement, survivor, unemployment and sickness
Retirees, and those planning retirement, should be aware of the railroad retirement laws governing benefit payments to annuitants who work after retirement. The questions and answers release, describe these railroad retirement work restrictions and earnings limitations on post-retirement employment, and how these rules can affect retirees engaging in self-employment. To protect the integrity of its
A recent release from the Railroad Retirement Board (RRB) explains what railroad workers need to know about the Medicare program. The Medicare program covers railroad workers just like workers under social security. Railroad retirement payroll taxes include a Medicare hospital insurance tax just like social security payroll taxes. Though you’re paying into the Medicare program
Rights to benefits under the Railroad Retirement Act also carry responsibilities for reporting events that may affect the payment of these benefits to the employee or to members of the employee’s family. If these events are not reported, benefit overpayments can occur that have to be repaid, sometimes with interest and penalties. Events that can
Most railroad retirement annuities, like social security benefits, are scheduled to increase in January 2014 on the basis of the rise in the Consumer Price Index (CPI) from the third quarter of 2012 to the corresponding period of the current year. Cost-of-living increases are calculated in both the tier I and tier II benefits included
Railroad retirement annuitants subject to earnings restrictions can earn more in 2014 without having their benefits reduced as a result of increases in earnings limits indexed to average national wage increases. Like social security benefits, some railroad retirement benefit payments are subject to deductions if an annuitant’s earnings exceed certain exempt amounts. These earnings restrictions
