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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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CONTENTS

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

85

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

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Prepared statement__

33, 37

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___.

Prepared statement__

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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)

46

51

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