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The amounts of compensation subject to railroad retirement tier I and tier II payroll taxes will increase in 2008. However, the tier I tax rate on employees and employers remains unchanged. Under the Railroad Retirement and Survivors’ Improvement Act of 2001, tier II tax rates are determined annually by an average account benefits ratio. Based
Read moreRailroad Retirement Spouse Benefits—In addition to the retirement annuities payable to employees, the Railroad Retirement Act, like the Social Security Act, also provides annuities for the spouses of retired employees. Payment of a spouse annuity is made directly to the wife or husband of the employee. Divorced spouses may also qualify for benefits. Read more.
Read moreTCU’s negotiated medical plans for early retirees contain provisions for automatic adjustments in the lifetime insurance maximum based on medical cost inflation. Effective January 1, 2008, the lifetime maximum will increase by $6,500. Read more.
Read moreRailroad retirement annuitants subject to earnings restrictions can earn more in 2008 without having their benefits reduced, as a result of increases in earnings limits indexed to average national wage increases. Read more.
Read moreMost railroad retirement annuities, like social security benefits, are scheduled to increase in January 2008 on the basis of the rise in the Consumer Price Index during the 12 months preceding October 2007. Read more.
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