Employers and employees covered by the Railroad Retirement Act pay higher retirement taxes than those covered by the Social Security Act, so that railroad retirement benefits remain higher than social security benefits, especially for “career” employees who have 30 or more years of service.
The Railroad retirement Board (RRB) released a questions and answers that shows the difference in railroad retirement and social security benefits payable at the close of the fiscal year ending September 30, 2014. They also show the difference in age requirements and payroll taxes under the two systems.
Click here to read the Q&A from the RRB.
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