RAILROAD RETIREMENT ANNUITY INCREASE—1972 4 - NOV 27 HEARING BEFORE THE OF THE SUBCOMMITTEE ON RAILROAD RETIREMENT. COMMITTEE ON NINETY-SECOND CONGRESS SECOND SESSION ON S. 3852 TO AMEND THE RAILROAD RETIREMENT ACT OF 1937 TO ANNUITIES, AND FOR OTHER PURPOSES H.R. 15922 TO AMEND THE RAILROAD RETIREMENT ACT OF 1937 TO SIMPLIFY ADMINISTRATION OF THE ACT H.R. 15927 ANNUITIES, AND FOR OTHER PURPOSES AUGUST 10, 1972 Printed for the use of the Committee on Labor and Public Welfare U.S. GOVERNMENT PRINTING OFFICE 82-813 O WASHINGTON : 1972 COMMITTEE ON LABOR AND PUBLIC WELFARE HARRISON A. WILLIAMS, JR., New Jersey, Chairman JENNINGS RANDOLPH, West Virginia JACOB K. JAVITS, New York CLAIBORNE PELL, Rhode Island PETER H. DOMINICK, Colorado EDWARD M. KENNEDY, Massachusetts RICHARD S. SCHWEIKER, Pennsylvania GAYLORD NELSON, Wisconsin BOB PACKWOOD, Oregon WALTER F. MONDALE, Minnesota ROBERT TAFT, JR., Ohio ROBERT T. STAFFORD, Vermont STEWART E. MCCLURE, Staff Director ROBERT E. NAGLE, General Counsel EUGENE MITTELMAN, Minority Counsel SUBCOMMITTEE ON RAILROAD RETIREMENT ALAN CRANSTON, California, Chairman CLAIBORNE PELL, Rhode Island RICHARD S. SCHWEIKER, Pennsylvania GAYLORD NELSON, Wisconsin ROBERT TAFT, JR., Ohio HAROLD E. HUGHES, Iowa J. GLENN BEALL, JR., Maryland JONATHAN R. STEINBERG, Counsel (II) Railroad Retirement Board, departmental report --- CHRONOLOGICAL LIST OF WITNESSES Juarles, Wythe D., management member, Railroad Retirement Board, and Neill P. Speirs, labor member, Railroad Retirement Board ; accom- panied by James L. Cowen, chief actuary, and David B. Schreiber, asso- Ymtema, Theodore O., chairman, Commission on Railroad Retirement, ac- companied by Michael S. March, executive director--- Dennis, C. L., Commission on Railroad Retirement; accompanied by James Kennedy, legislative chairman; Ed Unger, economist, and Ned Davis, Schoene, Lester P., Congress of Railway Unions and the Railway Labor Executives' Association, accompanied by J. Taylor Soop, executive secre- tary, Railway Labor Executives Association; and Donald S. Beattie, secretary and treasurer, Congress of Railway Unions--- Behling, Burton N., transportation consultant, on behalf of the Association Behling, Burton N., transportation consultant, on behalf of the Association Dennis, C. L., Commission on Railroad Retirement; accompanied by James Kennedy, legislative chairman; Ed Unger, economist, and Ned Davis, Mondale, Hon. Walter F., a U.S. Senator from the State of Minnesota, pre- pared statement- National Retired Teachers Association and the American Association of Retired Persons, prepared sttaement.-- Quarles, Wythe D., management member, Railroad Retirement Board, and Neill P. Speirs, labor member, Railroad Retirement Board ; accompanied by James L. Cowen, chief actuary, and David B. Schreiber, associate Prepared statement- 33, 37 Schoene, Lester P., Congress of Railway Unions and the Railway Labor Executives' Association, accompanied by J. Taylor Soop, executive sec- retary, Railway Labor Executives Association; and Donald S. Beattie, secretary and treasurer, Congress of Railway Unions.-- Prepared statement.. 103 58 Ymtema, Theodore O., chairman, Commission on Railroad Retirement, ac- (III) 7 derr Page 83 84 ADDITIONAL INFORMATION Charts : Gross receipts, gross expenditures, and status of the railroad retire ment account assuming 20 percent benefit increase, 1970–2000----Projected annual cash-flow deficits of railroad retirement system, 1970–2000 Communication to : Williams, Hon. Harrison A., a U.S. Senator from the State of New tirement Board : Report on H.R. 15922, August 4, 1972_ Railroad Retirement Board, Chicago, Ill., June 30, 1972 (with Appendix—The Railroad Retirement System: Its Coming Crisis—Excerpts from the Report to the President and the Congress by the Commission on Railroad Retirement, June 30, 1972.. 127 RAILROAD RETIREMENT ANNUITY INCREASE-1972 THURSDAY, AUGUST 10, 1972 U.S. SENATE, Washington, D.C. The subcommittee met, pursuant to notice, at 2 p.m. in room 4232, New Senate Office Building, Senator Alan Cranston, chairman of the subcommittee, presiding. Present: Senators Cranston, Schweiker and Taft. Committee staff present: Jonathan R. Steinberg, counsel to the subcommittee; Gene Mittelman, minority general counsel. Senator CRANSTON. The hearing will please come to order. This afternoon we meet to hear public testimony on three bills regarding the railroad retirement system: S. 3852 and H.R. 15927, bills to increase railroad retirement benefits temporarily by 20 percent effective September 1, 1973, through June 30, 1973, and H.R. 15922 making certain technical amendments to the Railroad Retirement Act of 1937. I think all present are aware that the House overwhelmingly passed H.R. 15927 yesterday; H.R. 15922 is scheduled for House action in the next few days. S. 3852 is a bill which I introduced along with the distinguished ranking minority member of this subcommittee, the Senator from Pennsylvania, Mr. Schweiker; the distinguished chairman of the full Committee on Labor and Public Welfare, Mr. Williams; as well as two other distinguished members of this committee, the ranking majority member, Senator Randolph, and Senator Mondale. Because we have many witnesses this afternoon and because of the time pressures involved in this question, I will not extend this statement any further except to say that we all fully recognize the vital importance of the issue of the 20-percent increase, the great concern which is felt by railroad workers and retirement beneficiaries for prompt action on the part of the Congress, as well as the serious questions and objections raised regarding such an increase by the Commission on Railroad Retirement and the management member of the Railroad Retirement Board. We will set forth in the record at this point the text of the three bills and the administration's transmittal letter and section-by-section analysis of the technical amendments (H.R. 15922). (The information referred to follows:) |
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