December 20, 2014

RRB releases statement on 2015 tax rates

RRB_seal_150px

The amounts of compensation subject to railroad retirement Tier I and Tier II payroll taxes will increase in 2015, with the Tier I tax rates remaining the same while Tier II tax rates will increase for both railroad employers and employees. Also, railroad unemployment insurance contribution rates paid by employers will include a surcharge of [...]

Rail retiree earnings limits to rise in 2015

RRB_seal_150px

Railroad retirement annuitants subject to earnings restrictions can earn more in 2015 without having their benefits reduced as a result of increases in earnings limits indexed to average national wage increases. Like Social Security benefits, some railroad retirement benefit payments are subject to deductions if an annuitant’s earnings exceed certain exempt amounts. These earnings restrictions [...]

Railroad Retirement benefits to increase in 2015

RRB_seal_150px

Most railroad retirement annuities, like Social Security benefits, are scheduled to increase in January 2015 on the basis of the rise in the Consumer Price Index (CPI) from the third quarter of 2013 to the corresponding period of the current year. Cost-of-living increases are calculated in both the Tier I and Tier II benefits included [...]

Medicare Part B premiums remain the same in 2015

RRB_seal_150px

The standard Medicare Part B monthly premium will be $104.90 in 2015, the same amount as in 2014. Some beneficiaries will continue to pay higher premiums based on their modified adjusted gross income, but these amounts are also remaining the same as in 2014. The monthly premiums that include income-related adjustments for 2015 will be [...]

Barrows named for second term as RRB labor member

walt_barrows_thumbnail

President Barack Obama announced Oct. 8 his intent to nominate Walter A. Barrows to a second term as the labor member to the U.S. Railroad Retirement Board. His nomination must be confirmed by the U.S. Senate. Obama first nominated Barrows as the board’s labor member in 2011. His appointment was confirmed by the Senate on [...]

Credit for military service under the RRA

RRB_seal_150px

Many railroad employees have at some time served in the Armed Forces of the United States. Under certain conditions, their military service may be credited as rail service under the Railroad Retirement Act. The following questions and answers provide information on how military service may be credited towards railroad retirement benefits. 1. Under what conditions [...]

RRB unemployment, sickness benefits to decrease

RRB_seal_150px

Beginning Oct. 1, 2014, the U.S. Railroad Retirement Board (RRB) will reduce railroad unemployment and sickness insurance benefits by 7.3 percent, up from the current 7.2 percent reduction, due to federal budget cuts first implemented in March 2013. The adjusted reduction amount is based on revised projections of benefit claims and payments under the Railroad [...]

UP seeks refunds of overpaid pension tax

union_pacific_logo

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 [...]

RRB submits annual financial reports to Congress

RRB_seal_150px

The Railroad Retirement Board (RRB) is required by law to submit annual financial reports to Congress on the financial condition of the railroad retirement system and the railroad unemployment insurance system. These reports must also include recommendations for any financing changes which may be advisable in order to ensure the solvency of the systems. In [...]

RRB announces additional pre-retirement seminars

RRB_seal_150px

Additional locations have now been added to the U.S. Railroad Retirement Board’s (RRB) schedule of Pre-Retirement Seminars for railroad employees and their spouses. Designed for railroad employees and spouses planning to retire within five years or less, the seminars will familiarize attendees with the retirement benefits available to them, and also guide them through the [...]