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.
References in periodicals archive ?
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.
To qualify for Medicare coverage, such individuals must be fully or currently insured under Social Security or the Railroad Retirement System or be the dependent of an insured person.
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.
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.
Given progressive income tax structures on personal income taxes and the regressive income tax structures for Social Security and Railroad Retirement System payroll taxes, marginal tax rates can be very different from average tax rates.
During congressional debate, one supporter promised that the railroad retirement system would become "a trail blazer.
According to the General Accounting Office, $38 billion in Social Security trust funds will be pumped into the railroad retirement system between now and the year 2000.
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.