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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
Read moreRailroad 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
Read moreThe 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
Read moreThe 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
Read moreRetirees, 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
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