As a result of recently implemented budget cuts, the U.S. Railroad Retirement Board (RRB) must reduce railroad unemployment and sickness insurance benefits by 9.2 percent. These reductions stem from a sequestration order which President Obama filed on March 1, 2013, in accordance with the requirements of the Budget Control Act of 2011. The sequestration order sets aside a total of $6 million in funding under the railroad unemployment and sickness insurance program. Given the total amount of spending under the program, a cut of this size made benefit reductions necessary.
Click here for a full release from the RRB.
Click here to read a letter on the impact of sequestration on Railroad Retirement.
No posts are directly related to this post.