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)

CONTENTS

Text of:

S. 3852

Railroad Retirement Board, departmental report.

H.R. 15927_

Office of Management and Budget, departmental report..

H.R. 15922_

Page

2

46, 51

6

43

10

CHRONOLOGICAL LIST OF WITNESSES

28

63

THURSDAY, AUGUST 10, 1972

Quarles, 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-

ciate general counsel -

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,

counsel

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

of American Railroads.-

85

100

109

STATEMENTS

Behling, Burton N., transportation consultant, on behalf of the Association

of American Railroads.-

109

Prepared statement.-

113

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

National Retired Teachers Association and the American Association of

Retired Persons, prepared sttaement..

122

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

general counsel.---

28

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.--

100

Prepared statement ---

103

Speirs, Neil P., labor member of the Railroad Retirement Board, prepared

statement

Ymtema, Theodore O., chairman, Commission on Railroad Retirement, ac-

companied by Michael S. March, executive director--

63

Prepared statement...

73

58

(III)

ADDITIONAL INFORMATION

Charts :

Gross receipts, gross expenditures, and status of the railroad retire- Page

ment account assuming 20 percent benefit increase, 1970–2000-----

83

Projected annual cash-flow deficits of railroad retirement system,

1970–2000

84

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-

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)

14

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