Railroad Retirement System

Railroad Retirement System

A federal system in the United States providing pensions to railroad workers. Persons are eligible to draw funds from the system if they worked 10 years for a railroad (or five years if performed after 1995). It is financed through payroll taxes levied on railroads and their employees. It is distinct from the Social Security Administration, but the two perform largely the same function in their respective spheres.
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References in periodicals archive ?
According to the court, the railroad retirement system mirrors that of the Social Security system.
The privatization plan would likely "trigger an increase in the taxes paid by other railroad employers and employees and devastate the railroad industry and its employees and jeopardize the entire railroad retirement system," said Brown.
If you are entitled to Medicare under the Railroad Retirement system,
The tier II tax rates are adjusted each year based on the amount of assets and expenses of the railroad retirement system.
General Accounting Office issued a report analyzing Amtrak's financial status in light of a hypothetical liquidation, and the effect it would have on Amtrak's creditors and the railroad retirement system.
The railroad retirement system, which is separate from Social Security, paid $106 million in retirement benefits to 9,586 Arkansas railroad retirees and their families in 1999.
Second, payroll taxes, including city payroll taxes, Medicare taxes, Social Security taxes and Railroad Retirement System Tier I and Tier II taxes, are income taxes in the legal sense of that term.
During congressional debate, one supporter promised that the railroad retirement system would become "a trail blazer.' Now, sadly, it's blazing a trail to bankruptcy.
Even with this heavy taxation, the railroad retirement system's own actuary, in his most optimistic projection, predicts bankruptcy in 20 years.
There are three basic entitlement categories: persons 65 years of age or over who are eligible for retirement under Social Security or the railroad retirement system, persons under 65 years of age who have been entitled for at least 2 years to disability benefits under Social Security or the railroad retirement system, and persons with ESRD who do not otherwise meet the age or disability requirements.
All persons 65 years of age or over who are entitled to monthly Social Security benefits or payments from the railroad retirement system are eligible for benefits under the Medicare hospital insurance (HI) program.
Hospital Insurance (HI)--Medicare HI (also known as Medicare Part A) is an insurance program providing basic protection against the costs of hospital and related post-hospital services for individuals who are age 65 or over and are eligible for retirement benefits under the Social Security or Railroad Retirement Systems, for individuals under age 65 who have been entitled for at least 24 months to disability benefits under the Social Security or Railroad Retirement Systems, and for certain other individuals who are medically determined to have ESRD and are covered by the Social Security or Railroad Retirement Systems.