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RAILROAD RETIREMENT ANNUITY INCREASE—1972

4 - NOV 27
Copy 1972

HEARING

BEFORE THE

OF THE

SUBCOMMITTEE ON RAILROAD RETIREMENT.
United States. Congrass. 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

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
THOMAS F. EAGLETON, Missouri J. GLENN BEALL, JR., Maryland
ALAN CRANSTON, California

ROBERT T. STAFFORD, Vermont
HAROLD E. HUGHES, Iowa
ADLAI E. STEVENSON III, Illinois

STEWART E. MCCLURE, Staff Director

ROBERT E. NAGLE, General Counsel
Roy H. MILLENSON, Minority Staff Director

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
ADLAI E. STEVENSON III, Illinois

JONATHAN R. STEINBERG, Counsel
EUGENE MITTELMAN, Minority Counsel

(II)

CHRONOLOGICAL LIST OF WITNESSES

(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
Jersey, from:
Butler, R. F., Secretary, United States of America Railroad Re-

tirement Board :
Report on S. 3852, August 4, 1972_

Report on H.R. 15922, August 4, 1972_
Habermeyer, Howard W., Chairman, United States of America

Railroad Retirement Board, Chicago, Ill., June 30, 1972 (with
enclosures )

[blocks in formation]

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,
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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