October 31, 2014

UP seeks refunds of overpaid pension tax

Union Pacific Corp. says in a court filing that it and employees overpaid federal railroad retirement taxes by $74.8 million, and that refunds are in order for both the company and workers.

The Omaha-based freight railroad made its case in a civil complaint filed this week in U.S. District Court in Omaha. The complaint names the U.S. government and seeks $44.2 million in refunds to the railroad and $30.6 million to workers who also overpaid via payroll withholding.

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