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RAILROAD RETIREMENT ANNUITY INCREASE-1972

HEARING

BEFORE THE

4- NOV 27
Copy

1972

SUBCOMMITTEE ON RAILROAD RETIREMENT.

Wnited States. Congress. OF THE

Senate.

COMMITTEE ON

LABOR AND PUBLIC WELFARE

UNITED STATES SENATE

NINETY-SECOND CONGRESS

SECOND SESSION

ON

S. 3852

TO AMEND THE RAILROAD RETIREMENT ACT OF 1937 TO
PROVIDE A TEMPORARY 20 PER CENTUM INCREASE IN
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

TO AMEND THE RAILROAD RETIREMENT ACT OF 1937 TO
PROVIDE A TEMPORARY 20 PER CENTUM INCREASE IN
ANNUITIES, AND FOR OTHER PURPOSES

AUGUST 10, 1972

Printed for the use of the Committee on Labor and Public Welfare

82-813 O

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1972

COMMITTEE ON LABOR AND PUBLIC WELFARE

HARRISON A. WILLIAMS, JR., New Jersey, Chairman

JENNINGS RANDOLPH, West Virginia
CLAIBORNE PELL, Rhode Island
EDWARD M. KENNEDY, Massachusetts
GAYLORD NELSON, Wisconsin
WALTER F. MONDALE, Minnesota
THOMAS F. EAGLETON, Missouri
ALAN CRANSTON, California
HAROLD E. HUGHES, Iowa

ADLAI E. STEVENSON III, Illinois

JACOB K. JAVITS, New York
PETER H. DOMINICK, Colorado
RICHARD S. SCHWEIKER, Pennsylvania
BOB PACKWOOD, Oregon
ROBERT TAFT, JR., Ohio

J. GLENN BEALL, JR., Maryland
ROBERT T. STAFFORD, Vermont

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CHRONOLOGICAL LIST OF WITNESSES

THURSDAY, AUGUST 10, 1972

Dennis, C. L., Commission on Railroad Retirement; accompanied by James
Kennedy, legislative chairman; Ed Unger, economist, and Ned Davis,
counsel

85

Prepared statement_

92

Mondale, Hon. Walter F., a U.S. Senator from the State of Minnesota, pre-
pared statement..

28

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Ymtema, Theodore O., chairman, Commission on Railroad Retirement, ac-
companied by Michael S. March, executive director__.

63

Prepared statement_

73

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:

Page

83

84

Williams, Hon. Harrison A., a U.S. Senator from the State of New
Jersey, from:

Butler, R. F., Secretary, United States of America Railroad Re-
tirement Board:

Report on S. 3852, August 4, 1972.

46

Report on H.R. 15922, August 4, 1972_.

51

Habermeyer, Howard W., Chairman, United States of America
Railroad Retirement Board, Chicago, Ill., June 30, 1972 (with
enclosures)

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____

14

127

RAILROAD RETIREMENT ANNUITY INCREASE-1972

THURSDAY, AUGUST 10, 1972

U.S. SENATE,

SUBCOMMITTEE ON RAILROAD RETIREMENT,

COMMITTEE ON LABOR AND PUBLIC WELFARE,

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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