The Railroad Retirement Board reports it has adjusted benefits — effective with February benefits checks — for more than 140,000 beneficiaries to reflect new federal income tax withholding rates. The new rates comply with provisions of the congressionally passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The new rates apply to [...]
UTU treasurers’ alert: IRS payment changes
December 3, 2010
All UTU locals are now required to make federal tax payments on-line using the Electronic Federal Tax Payment System (EFTPS). This is because the Internal Revenue Service announced that effective Jan. 1, 2011, it no longer will accept Form 8109 FTD (federal tax deposit) coupons for filing federal tax payments. The EFTPS is a free [...]
Rail Retirement payroll tax set for 2011
December 1, 2010
Railroad Retirement payroll taxes will remain at 2010 levels in 2011, reports the Railroad Retirement Board. For Tier I, carriers and employees each will pay 6.20 percent on a maximum of $106,800 of wages. For Medicare, carriers and employees each will pay 1.45 percent on all wages. For Tier II, carriers will pay 12.10 percent [...]
UTU locals must file IRS Form 990
August 10, 2010
UTU locals that have not filed Form 990, Form 990EZ or Form 990-N with the Internal Revenue Service for the last three years have until Oct. 15, 2010, to file, or they will automatically lose their tax-exempt status. For additional information on which of three above forms a local is required to file, read the [...]
RRB benefits subject to age reductions
June 22, 2010
Railroad retirement benefits are subject to reduction if an employee with less than 30 years of service retires before attaining full retirement age. While employees with less than 30 years of service may still retire at age 62, the age at which full retirement benefits are payable has been gradually increasing since the year 2000, [...]
RRB sickness, jobless benefits update
June 17, 2010
A new benefit year for jobless and sickness benefits under the Railroad Unemployment Insurance Act begins July 1, 2010, the Railroad Retirement Board reports. Administered by the Railroad Retirement Board (RRB), this law provides two kinds of benefits for qualified railroaders: unemployment benefits for those who become unemployed but are ready, willing and able to [...]
