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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
Read moreRights 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
Read moreMost 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
Read moreRailroad 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
Read moreThe standard Medicare Part B monthly premium will be $104.90 in 2014, the same amount as in 2013. Some beneficiaries will continue to pay higher premiums based on their modified adjusted gross income, but these amounts are also remaining the same as in 2013. The monthly premiums that include income-related adjustments for 2014 will be
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