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[Document affected by Public Law 107-90 Section 106(b),]
[Document affected by Public Law 107-90 Section 107(a),]
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[CITE: 45USC231n]

 
                           TITLE 45--RAILROADS
 
               CHAPTER 9--RETIREMENT OF RAILROAD EMPLOYEES
 
             SUBCHAPTER IV--RAILROAD RETIREMENT ACT OF 1974
 
Sec. 231n. Railroad Retirement Account


(a) Maintenance of account; authorization of appropriations

    The Railroad Retirement Account established by section 15(a) of the 
Railroad Retirement Act of 1937 [45 U.S.C. 228o(a)] shall continue to be 
maintained in the Treasury of the United States. There is hereby 
appropriated to such Account for each fiscal year, beginning with the 
fiscal year ending June 30, 1975, to provide for the payment of benefits 
to be made from such Account in accordance with the provisions of 
section 231f(c)(1) of this title, and to provide for expenses necessary 
for the Board in the administration of all provisions of this 
subchapter, an amount equal to amounts covered into the Treasury (minus 
refunds) during each fiscal year under the Railroad Retirement Tax Act 
[26 U.S.C. 3201 et seq.], except those portions of the amounts covered 
into the Treasury under section 3211(b), 3221(c), and 3221(d) of such 
Tax Act [26 U.S.C. 3211(b), 3221(c), 3221(d)] as are necessary to 
provide sufficient funds to meet the obligation to pay supplemental 
annuities at the level provided under section 231b(e) of this title and, 
with respect to those entitled to supplemental annuities under section 
205(a) of title II of this Act, at the level provided under section 
205(a). The Board is directed to determine what portion of the taxes 
collected under sections 3211(b), 3221(c), and 3221(d) of the Railroad 
Retirement Tax Act [26 U.S.C. 3211(b), 3221(c), 3221(d)] is to be 
credited to the Railroad Retirement Account pursuant to the preceding 
provisions this subsection and what portion of such taxes is to be 
credited to the Railroad Retirement Supplemental Account pursuant to the 
provisions of subsection (c) of this section. The Board shall make such 
a determination with respect to each calendar quarter commencing with 
the quarter beginning January 1, 1975, shall make each such 
determination not later than fifteen days before each calendar quarter, 
and shall, as soon as practicable after each such determination, advise 
the Secretary of the Treasury of the determination made. The Secretary 
of the Treasury shall credit the amounts covered into the Treasury under 
sections 3211(b), 3221(c), and 3221(d) of the Railroad Retirement Tax 
Act [26 U.S.C. 3211(b), 3221(c), 3221(d)] to the Railroad Retirement 
Account and the Railroad Retirement Supplemental Account in such 
proportions as is determined by the Board pursuant to the provisions of 
this subsection.

(b) Authorization of appropriations; military service costs and 
        administrative expenses

    In addition to the amount appropriated in subsection (a) of this 
section, there is hereby authorized to be appropriated to the Railroad 
Retirement Account for each fiscal year, beginning with the fiscal year 
ending June 30, 1975, such amount as the Board determines to be 
necessary to meet (A) the additional costs, resulting from the crediting 
of military service under this subchapter, of benefits payable under 
section 231a of this title, but only to the extent that such Account is 
not reimbursed for such costs under section 231f(c)(2) of this title, 
(B) the additional administrative expenses resulting from the crediting 
of military service under this subchapter, and (C) any loss in interest 
to such Account resulting from the payment of additional benefits based 
on military service credited under this subchapter: Provided, however, 
That, in determining the amount to be appropriated to the Railroad 
Retirement Account for any fiscal year pursuant to the provisions of 
this subsection, there shall not be considered any costs resulting from 
the crediting of military service under this subchapter for which 
appropriations to such Account have already been made pursuant to 
section 4(l) of the Railroad Retirement Act of 1937 [45 U.S.C. 228c-
1(l)]. Any determination as to loss in interest to the Railroad 
Retirement Account pursuant to clause (C) of the first sentence of this 
subsection shall take into account interest from the date each annuity 
based, in part, on military service began to accrue or was increased to 
the date or dates on which the amount appropriated is credited to the 
Account. The cost resulting from the payment of additional benefits 
under this subchapter based on military service determined pursuant to 
the preceding provisions of this subsection shall be adjusted by 
applying thereto the ratio of the total net level cost of all benefits 
under this subchapter to the portion of such net level cost remaining 
after the exclusion of administrative expenses and interest charges on 
the unfunded accrued liability as determined under the last completed 
actuarial valuation pursuant to the provisions of subsection (g) of this 
section. At the close of the fiscal year ending June 30, 1975, and each 
fiscal year thereafter, the Board shall, as promptly as practicable, 
determine the amount to be appropriated to the Account pursuant to the 
provisions of this subsection, and shall certify such amount to the 
Secretary of the Treasury for transfer from the general fund in the 
Treasury to the Railroad Retirement Account. When authorized by an 
appropriation Act, the Secretary of the Treasury shall transfer to the 
Railroad Retirement Account from the general fund in the Treasury such 
amounts as, from time to time, may be determined by the Board pursuant 
to the provisions of this subsection and certified by the Board for 
transfer to such Account. In any determination made pursuant to section 
231f(c)(2) of this title, no further charges shall be made against the 
Trust Funds established by title II of the Social Security Act [42 
U.S.C. 401 et seq.] for military service rendered before January 1, 
1957, and with respect to which appropriations authorized by clause (2) 
of the first sentence of section 4(l) of the Railroad Retirement Act of 
1937 shall have been credited to the Railroad Retirement Account, but 
the additional benefit payments incurred by such Trust Funds by reason 
of such military service shall be taken in account in making any such 
determination.

(c) Maintenance of Railroad Retirement Supplemental Account; 
        authorization of appropriations

    The Railroad Retirement Supplemental Account established by section 
15(b) of the Railroad Retirement Act of 1937 [45 U.S.C. 228o(b)] shall 
continue to be maintained in the Treasury of the United States. There is 
hereby appropriated to such account for each fiscal year, beginning with 
the fiscal year ending June 30, 1975, out of any moneys in the Treasury 
not otherwise appropriated, to provide for the payment of supplemental 
annuities under section 231a(b) of this title, and to provide for the 
expenses necessary for the Board in the administration of the payment of 
such supplemental annuities, an amount equal to such portions of the 
amounts covered into the Treasury (minus refunds) during each fiscal 
year under sections 3211(b), 3221(c), and 3221(d) of the Railroad 
Retirement Tax Act [26 U.S.C. 3211(b), 3221(c), 3221(d)] as are not 
appropriated to the Railroad Retirement Account pursuant to the 
provisions of subsection (a) of this section. Whenever the Board finds 
at any time that the balance in the Railroad Retirement Supplemental 
Account will be insufficient to pay the supplemental annuities which it 
estimates are due, or will become due, under section 231a(b) of this 
title, it shall request the Secretary of the Treasury to transfer from 
the Railroad Retirement Account to the credit of the Railroad Retirement 
Supplemental Account such moneys as the Board estimates would be 
necessary for the payment of such supplemental annuities, and the 
Secretary shall make such transfer. Whenever the Board finds that the 
balance in the Railroad Retirement Supplemental Account, without regard 
to the amounts transferred pursuant to the next preceding sentence, is 
sufficient to pay such supplemental annuities, it shall request the 
Secretary of the Treasury to retransfer from the Railroad Retirement 
Supplemental Account to the credit of the Railroad Retirement Account 
such moneys as in its judgment are not needed for the payment of such 
supplemental annuities, plus interest at an annual rate equal to the 
average rate of interest borne by all special obligations held by the 
Railroad Retirement Account on the last day of the preceding fiscal 
year, rounded to the nearest multiple of one-eighth of 1 per centum, and 
the Secretary shall make such retransfer.

(d) Dual Benefits Payments Account

    (1) There is hereby created an account in the Treasury of the United 
States to be known as the Dual Benefits Payments Account. There is 
hereby authorized to be appropriated to such account for each fiscal 
year beginning with the fiscal year ending September 30, 1982, such sums 
as are necessary to pay during such fiscal year the amounts of annuities 
estimated by the Board to be paid under sections 231b(h), 231c(e), and 
231c(h) of this title and under sections 204(a)(3), 204(a)(4), 206(3), 
and 207(3) of Public Law 93-445. Not more than 30 days prior to each 
fiscal year beginning with the fiscal year ending September 30, 1982, 
the Board may request the Secretary of the Treasury to transfer from the 
Railroad Retirement Account to the credit of the Dual Benefits Payments 
Account any amount not exceeding the amount that the Board estimates 
will be necessary to pay on the first day of the next succeeding month 
the annuity amounts under sections 231b(h), 231c(e), and 231c(h) of this 
title and under sections 204(a)(3), 204(a)(4), 206(3), and 207(3) of 
Public Law 93-445, taking into account any reduction in such annuity 
amounts as determined under section 231f(c)(1) of this title, and the 
Secretary of the Treasury shall make such transfer, but at no time shall 
the total amount of money outstanding to the Dual Benefits Payments 
Account from the Railroad Retirement Account exceed the amount necessary 
to pay the annuity amounts under sections 231b(h), 231c(e), and 231c(h) 
of this title and sections 204(a)(3), 204(a)(4), 206(3), and 207(3) of 
Public Law 93-445 for one month. Not more than 10 days after the funds 
appropriated to the Dual Benefits Payments Account for each such fiscal 
year are received into such Account, the Board shall request the 
Secretary of the Treasury to retransfer from the Dual Benefits Payments 
Account to the credit of the Railroad Retirement Account an amount equal 
to the amount transferred to the Dual Benefits Payments Account prior to 
or during such fiscal year under the preceding sentence, together with 
such additional amount determined by the Board to be equal to the loss 
of interest to the Railroad Retirement Account resulting from such 
transfer, and the Secretary of the Treasury shall make such retransfer.
    (2) The Secretary of the Treasury--
        (i) shall transfer from the general fund as a loan to the Board 
    on January 1, 1984, one-third of the special amount described in 
    subdivision (3) of this subsection;
        (ii) shall transfer from the general fund as a loan to the Board 
    on January 1, 1985, one-third of the special amount described in 
    subdivision (3) of this subsection, plus an amount equal to the 
    interest that one-third would have earned had it been in the 
    Railroad Retirement Account since January 1, 1984; and
        (iii) shall transfer from the general fund as a loan to the 
    Board on January 1, 1986, the final one-third of the special amount 
    described in subdivision (3) of this subsection, plus an amount 
    equal to the interest that one-third would have earned had it been 
    in the Railroad Retirement Account since January 1, 1984.

    (3) The special amount referred to in subdivision (2) of this 
subsection is the amount which, as of January 1, 1984, would place the 
Railroad Retirement Account in the same position it would have been on 
that date if no annuity amounts had been paid during the period 
beginning January 1, 1975 and ending September 30, 1981, under sections 
231b(h), 231c(e), and 231c(h) of this title and under sections 
204(a)(3), 204(a)(4), 206(3), and 207(3) of Public Law 93-445, and no 
sums had been appropriated as authorized in this subsection.
    (4) For the purposes of subdivision (2) of this subsection, the 
Secretary of the Treasury is authorized to use as a public debt 
transaction the proceeds of the sale of any securities issued after 
August 12, 1983, under section 3102 of title 31 and the purposes for 
which securities may be so issued are extended to include such purposes.
    (5) The amounts transferred to the Board as loans under subdivision 
(2) of this subsection shall be deposited in the Railroad Retirement 
Account.
    (6) The amounts transferred as loans under subdivision (2) of this 
subsection shall be repaid to the general fund to the extent sums are 
appropriated for that purpose, and there are hereby authorized to be 
appropriated, in addition to any other sums authorized to be 
appropriated for the purposes of this subchapter and from any sums in 
the Treasury not otherwise appropriated, such sums as may be necessary 
to make such repayments.

(e) Investments

    At the request and direction of the Board, it shall be the duty of 
the Secretary of the Treasury (hereinafter referred to as the 
``Secretary'') to invest such portion of the amounts credited to the 
Railroad Retirement Account, the Dual Benefits Payments Account and the 
Railroad Retirement Supplemental Account as, in the judgment of the 
Board, is not immediately required for the payment of annuities, 
supplemental annuities, and death benefits. Such investments may be made 
only in interest-bearing obligations of the United States or in 
obligations guaranteed as to both principal and interest by the United 
States. For such purpose such obligations may be acquired (A) on 
original issue at the issue price; or (B) by purchase of outstanding 
obligations at the market price. The purposes for which obligations of 
the United States may be issued under chapter 31 of title 31 are hereby 
extended to authorize the issuance at par of special obligations 
exclusively to the accounts. Such obligations issued for purchase by the 
accounts shall have maturities fixed with due regard for the needs of 
the accounts, and shall bear interest at a rate equal to the average 
market yield, computed as of the end of the calendar month next 
preceding the date of such issue, borne by all marketable interest-
bearing notes of the United States then forming a part of the public 
debt that are not due or callable until after the expiration of three 
years from the end of such calendar month, except that where such rate 
is not a multiple of one-eighth of 1 per centum, the rate of interest on 
such obligation shall be the multiple of one-eighth of 1 per centum 
nearest such rate: Provided, That the rate of interest on such 
obligations shall in no case be less than 3 per centum per annum. At the 
request of the Board the Secretary shall purchase other interest-bearing 
obligations of the United States, or obligations guaranteed as to both 
principal and interest by the United States, or other obligations which 
are lawful investments for trust funds of the United States, on original 
issue or at the market price: Provided, That the interest yield of such 
obligations shall not be less than the interest rate determined in 
accordance with the preceding sentence. At the request of the Board, the 
Secretary shall sell at the market price such obligations in the 
accounts (other than special obligations issued exclusively to the 
accounts) as the Board designates. The Board shall from time to time 
request the Secretary to redeem such special obligations issued 
exclusively to the accounts as the Board designates and upon such 
request the Secretary shall redeem such obligations at par plus accrued 
interest. All requests of the Board to the Secretary, provided for in 
this subsection, shall be mandatory upon the Secretary. It shall be the 
duty of the Board to determine at all times what proportion of the 
accounts shall be invested in other than special obligations issued to 
the accounts and further to determine which of such obligations 
available to the accounts consistent with the foregoing requirements 
will provide the greatest rate of return on the funds invested.

(f) Actuarial Advisory Committee

    The Board is hereby authorized and directed to select two actuaries, 
one from recommendations made by representatives of employees and the 
other from recommendations made by representatives of employers as 
defined in paragraph (i) of section 231(a)(1) of this title. These 
actuaries, along with a third who shall be designated by the Secretary 
of the Treasury, shall be known as the Actuarial Advisory Committee with 
respect to the Railroad Retirement Account. The actuaries so selected 
shall hold membership in the American Academy of Actuaries and shall be 
qualified in the evaluation of pension plans: Provided, however, That 
these requirements shall not apply to any actuary who served as a member 
of the Committee prior to January 1, 1975. The Committee shall examine 
the actuarial reports and estimates made by the Board and shall have 
authority to recommend to the Board such changes in actuarial methods as 
they may deem necessary. The compensation of the members of the 
Committee, exclusive of the member designated by the Secretary, shall be 
fixed by the Board on a per diem basis.

(g) Annual report

    The Board shall include in its annual report a statement of the 
status and the operations of the Railroad Retirement and Railroad 
Retirement Supplemental Accounts, and the Dual Benefits Payments 
Account. At intervals not longer than three years the Board shall make 
an estimate of the liabilities created by this subchapter and shall 
include such estimate in its annual report.

(h) Authorization of appropriations; administrative expenses of 
        subchapter

    There are hereby authorized to be appropriated from time to time 
such sums as may be necessary to provide for the expenses of the Board 
in administering the provisions of this subchapter.

(i) Crediting of accounts for unnegotiated benefit checks

    (1) The Secretary of the Treasury shall implement procedures to 
permit the identification of each check issued for benefits under this 
subchapter that has not been presented for payment by the close of the 
sixth month following the month of its issuance.
    (2) The Secretary of the Treasury shall, on a monthly basis, credit 
each account established in the Treasury for the payment of benefits 
under this subchapter for the proportionate amount of benefit checks 
(including interest thereon) drawn on each such Account more than six 
months previously but not presented for payment and not previously 
credited to such Account, to the extent provided in advance in 
appropriation Acts.
    (3) If a benefit check is presented for payment to the Treasury and 
the amount of the appropriate portion thereof has been previously 
credited pursuant to paragraph (2) to an Account or Accounts, the 
Secretary of the Treasury shall nevertheless pay such check, if 
otherwise proper, recharge such Account or Accounts for the amount of 
such check attributable to such Account or Accounts and notify the 
Board.
    (4) A benefit check bearing a current date may be issued to an 
individual who did not negotiate the original benefit check and who 
surrenders such check for cancellation if the Secretary of the Treasury 
determines it is necessary to effect proper payment of benefits.

(Aug. 29, 1935, ch. 812, Sec. 15, as restated June 24, 1937, ch. 382, 
pt. I, 50 Stat. 307, as restated Pub. L. 93-445, title I, Sec. 101, Oct. 
16, 1974, 88 Stat. 1346; amended Pub. L. 94-92, title II, Sec. 201(a)-
(d), Aug. 9, 1975, 89 Stat. 464, 465; Pub. L. 94-547, Sec. 3(a), Oct. 
18, 1976, 90 Stat. 2525; Pub. L. 97-34, title VII, Sec. 742, Aug. 13, 
1981, 95 Stat. 348; Pub. L. 97-35, title XI, Secs. 1124, 1127(a), Aug. 
13, 1981, 95 Stat. 639, 641; Pub. L. 98-76, title III, Sec. 301(b), 
title IV, Secs. 401(a), 417(a), Aug. 12, 1983, 97 Stat. 431, 433, 437.)

                       References in Text

    Sections 4 and 15 of the Railroad Retirement Act of 1937, referred 
to in subsecs. (a), (b)(1), and (c), which were classified to sections 
228c-1 and 228o of this title, have been omitted from the Code.
    The Railroad Retirement Tax Act, referred to in subsecs. (a) and 
(c), is act Aug. 16, 1954, ch. 736, Secs. 3201, 3202, 3211, 3212, 3221, 
and 3231 to 3233, 68A Stat. 431, as amended, which is classified 
generally to chapter 22 (Sec. 3201 et seq.) of Title 26, Internal 
Revenue Code. For complete classification of this Act to the Code, see 
section 3233 of Title 26 and Tables.
    Section 205 of title II of this Act and sections 204, 206, and 207 
of Pub. L. 93-445, referred to in subsecs. (a) and (d)(1), (3), are 
sections 204, 205, 206, and 207 of title II of Pub. L. 93-445, and are 
set out as part of a Transitional Provisions note under section 231 of 
this title.
    The Social Security Act, referred to in subsec. (b), is act Aug. 14, 
1935, ch. 531, 49 Stat. 620, as amended. Title II of the Social Security 
Act is classified generally to subchapter II (Sec. 401 et seq.) of 
chapter 7 of Title 42, The Public Health and Welfare. For complete 
classification of this Act to the Code, see section 1305 of Title 42 and 
Tables.

                          Codification

    In subsec. (e), ``chapter 31 of title 31'' substituted for ``the 
Second Liberty Bond Act, as amended,'' on authority of Pub. L. 97-258, 
Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which 
enacted Title 31, Money and Finance.


                               Amendments

    1983--Subsec. (b). Pub. L. 98-76, Sec. 301(b), amended subsec. (b) 
generally, redesignating par. (1) as subsec. (b) and striking out par. 
(2) which read as follows: ``In any month when the Board finds that the 
balance in the Railroad Retirement Account is insufficient to pay 
annuity amounts due to be paid during the following month, the Board 
shall report to the Secretary of the Treasury the additional amount of 
money necessary in order to make such annuity payments, and the 
Secretary shall transfer to the credit of the Railroad Retirement 
Account such additional amount upon receiving such report from the 
Board. The total amount of money outstanding to the Railroad Retirement 
Account from the general fund at any time during any fiscal year shall 
not exceed the total amount of money the Board and the Trustees of the 
Social Security Trust Fund estimate will be transferred to the Railroad 
Retirement Account pursuant to section 231f(c)(2) of this title with 
respect to such fiscal year. Whenever the Board determines that the sums 
in the Railroad Retirement Account are sufficient to pay annuity 
amounts, the Board shall request the Secretary of the Treasury to 
retransfer to the general fund from the Railroad Retirement Account all 
or any part of the amount outstanding, and the Secretary of the Treasury 
shall make such retransfer of the amount requested. Not later than 10 
days after a transfer to the Railroad Retirement Account under section 
231f(c)(2) of this title, any amount of money outstanding to the 
Railroad Retirement Account from the general fund under this subdivision 
shall be retransferred in accordance with this subdivision. Any amount 
retransferred shall include an amount of interest computed at a rate 
determined in accordance with the following two sentences: The rate of 
interest payable with respect to an amount outstanding for any month 
shall be equal to the average investment yield for the most recent 
auction (before such month) of United States Treasury bills with 
maturities of 52 weeks, deeming any amount outstanding at the beginning 
of a month to have been borrowed at the beginning of such month. For 
this purpose the amount of interest computed in accordance with the 
preceding sentence but not repaid by the end of such month shall be 
added to the amount outstanding at the beginning of the next month.''
    Subsec. (d)(1). Pub. L. 98-76, Sec. 401(a)(1)-(3), designated 
existing provisions as par. (1), substituted ``the amount that the Board 
estimates will be necessary to pay on the first day of the next 
succeeding month the annuity amounts under sections 231b(h), 231c(e), 
and 231c(h) of this title and under sections 204(a)(3), 204(a)(4), 
206(3), and 207(3) of Public Law 93-445, taking into account any 
reduction in such annuity amounts as determined under section 231f(c)(1) 
of this title, and the Secretary of the Treasury shall make such 
transfer, but at no time shall the total amount of money outstanding to 
the Dual Benefits Payments Account from the Railroad Retirement Account 
exceed the amount necessary to pay the annuity amounts under sections 
231b(h), 231c(e), and 231c(h) of this title and sections 204(a)(3), 
204(a)(4), 206(3), and 207(3) of Public Law 93-445 for one month'' for 
``one-twelfth of the amount which the Board has determined will be the 
amount of the appropriation to be made to the Dual Benefits Payments 
Account under the applicable public law making such appropriation for 
such fiscal year, and the Secretary of the Treasury shall make such 
transfer'', and inserted ``or during'' after ``prior to'' in last 
sentence.
    Subsec. (d)(2) to (6). Pub. L. 98-76, Sec. 401(a)(4), added pars. 
(2) to (6).
    Subsec. (i). Pub. L. 98-76, Sec. 417(a), added subsec. (i).
    1981--Subsec. (b). Pub. L. 97-35, Sec. 1127(a), made amendments 
identical to those of Pub. L. 97-34. See Amendment note below.
    Pub. L. 97-34 designated existing provisions as subdiv. (1) and 
added subdiv. (2).
    Subsec. (d). Pub. L. 97-35, Sec. 1124(a), substituted provisions 
relating to creation of Dual Benefits Payments Account, authorizations 
of appropriations, and transfer and retransfer of funds for provisions 
relating to authorization of appropriations to Railroad Retirement 
Account.
    Subsecs. (e), (g). Pub. L. 97-35, Sec. 1124(b), (c), inserted 
reference to Dual Benefits Payments Account.
    1976--Subsec. (c). Pub. L. 94-547 permitted Supplemental Account to 
borrow enough money from regular Railroad Retirement Account to continue 
payment of supplemental annuities during any period in which 
Supplemental Account was otherwise temporarily lacking in funds for this 
purpose, with any amounts so borrowed to be repaid, with interest, as 
soon as Supplemental Account has been credited with sufficient tax 
payments to both pay supplemental annuities on a current basis and repay 
amount of loan, and with authority granted to increase tax rate for 
calendar quarter following existence of a deficiency in Supplemental 
Account's funds to take account of deficiency.
    1975--Subsec. (a). Pub. L. 94-92, Sec. 201(a), substituted in second 
sentence ``is hereby appropriated'' for ``is hereby authorized to be 
appropriated''.
    Subsec. (b). Pub. L. 94-92, Sec. 201(b), substituted in introductory 
text ``amount appropriated'' for ``amount authorized to be 
appropriated''.
    Subsec. (c). Pub. L. 94-92, Sec. 201(c), substituted in second 
sentence ``is hereby appropriated'' for ``is hereby authorized to be 
appropriated'' and inserted ``out of any moneys in the Treasury not 
otherwise appropriated'' after ``June 30, 1975,''.
    Subsec. (h). Pub. L. 94-92, Sec. 201(d), added subsec. (h).


                    Effective Date of 1983 Amendment

    Section 301(c)(2) of Pub. L. 98-76 provided that: ``The amendments 
made by subsection (b) of this section [amending this section] shall be 
effective on the date immediately following the day in June 1984 when 
the total amount of money outstanding to the Railroad Retirement Account 
under section 15(b)(2) of the Railroad Retirement Act of 1974 [subsec. 
(b)(2) of this section] is retransferred to the general fund under that 
section.''
    Section 401(b) of Pub. L. 98-76 provided that: ``The amendments made 
by this section [amending this section] shall be effective upon 
enactment [Aug. 12, 1983].''
    Section 417(b) of Pub. L. 98-76 provided that: ``The amendment made 
by subsection (a) [amending this section] shall apply with respect to 
all checks for benefits under this Act [this subchapter] which are 
issued on or after May 1, 1985.''


                    Effective Date of 1981 Amendment

    Amendment by Pub. L. 97-35, effective Oct. 1, 1981, see section 
1129(g) of Pub. L. 97-35, set out as a note under section 231 of this 
title.


                    Effective Date of 1976 Amendment

    Section 3(b) of Pub. L. 94-547 provided that: ``The amendment made 
by this section [amending this section] shall be effective on the 
enactment date of this Act [Oct. 18, 1976].''


                    Effective Date of 1975 Amendment

    Section 201(e) of Pub. L. 94-92 provided that: ``The amendments 
[amending this section] made by this section shall be effective January 
1, 1975.''


                   Termination of Advisory Committees

    Advisory committees established after Jan. 5, 1973, to terminate not 
later than the expiration of the 2-year period beginning on the date of 
their establishment, unless, in the case of a committee established by 
the President or an officer of the Federal Government, such committee is 
renewed by appropriate action prior to the expiration of such 2-year 
period, or in the case of a committee established by the Congress, its 
duration is otherwise provided for by law. See section 14 of Pub. L. 92-
463, Oct. 6, 1972, 86 Stat. 776, set out in the Appendix to Title 5, 
Government Organization and Employees.


                Commission on Railroad Retirement Reform

    Pub. L. 100-203, title IX, Sec. 9033, Dec. 22, 1987, 101 Stat. 1330-
296, as amended by Pub. L. 100-647, title VII, Sec. 7108, Nov. 10, 1988, 
102 Stat. 3774, established a commission, known as Commission on 
Railroad Retirement Reform, to conduct a comprehensive study of the 
issues pertaining to long-term financing of railroad retirement system 
and the system's short-term and long-term solvency, required Commission 
to submit not later than Oct. 1, 1990, a report containing a detailed 
statement of its findings and conclusions together with recommendations 
to Congress for revisions in, or alternatives to, current system to 
assure provision of retirement benefits to former, present, and future 
railroad employees on an actuarially sound basis, and provided for 
termination of Commission 60 days after submission of report.


     Section 72(r) Revenue Increase Transferred to Certain Railroad 
                           Retirement Accounts

    Section 224(c) of Pub. L. 98-76, as amended by Pub. L. 99-514, 
Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100-203, title IX, 
Sec. 9034, Dec. 22, 1987, 101 Stat. 1330-299; Pub. L. 101-239, title X, 
Sec. 10102, Dec. 19, 1989, 103 Stat. 2471; Pub. L. 101-508, title V, 
Sec. 5126, Nov. 5, 1990, 104 Stat. 1388-286; Pub. L. 103-296, title III, 
Sec. 317, Aug. 15, 1994, 108 Stat. 1532, provided that:
    ``(1) In general.--
        ``(A) Transfers to railroad retirement account.--There are 
    hereby appropriated to the Railroad Retirement Account amounts 
    (other than amounts described in subparagraph (B)) equivalent to the 
    aggregate increase in tax liabilities under chapter 1 of the 
    Internal Revenue Code of 1986 [26 U.S.C. 1 et seq.] which is 
    attributable to the application of section 72(r) of the Internal 
    Revenue Code of 1986 [26 U.S.C. 72(r)] (as added by this Act).
        ``(B) Revenue increases attributable to windfall benefits 
    received after september 30, 1988, transferred to dual benefits 
    payments account.--There are hereby appropriated to the Dual 
    Benefits Payments Account amounts equivalent to the aggregate 
    increase in tax liabilities under chapter 1 of such Code which is 
    attributable to the application of section 72(r) of such Code (as 
    added by this Act) with respect to windfall benefits received after 
    September 30, 1988.
        ``(C) Windfall benefits defined.--For purposes of this 
    paragraph, the term `windfall benefits' means any benefit paid under 
    section 3(h), 4(e), or 4(h) of the Railroad Retirement Act of 1974 
    [sections 231b(h), 231(e), (h) of this title].
    ``(2) Transfers.--The amounts appropriated by paragraph (1) shall be 
transferred from time to time (but not less frequently than quarterly) 
from the general fund of the Treasury on the basis of estimates made by 
the Secretary of the Treasury of the amounts referred to in paragraph 
(1). Any such quarterly payment shall be made on the first day of such 
quarter and shall take into account benefits estimated to be received 
during such quarter. Proper adjustments shall be made in the amounts 
subsequently transferred to the extent prior estimates were in excess of 
or less than the amounts required to be transferred.
    ``(3) Revenue increases from tax on supplemental annuities not 
included.--Paragraph (1) shall not apply to tax liabilities attributable 
to supplemental annuities paid under section 2(b) of the Railroad 
Retirement Act of 1974 [section 231a(b) of this title].''


 Tax Used To Repay Loans Made to Railroad Unemployment Insurance Account

    Section 232 of Pub. L. 98-76, as amended by Pub. L. 99-272, title 
XIII, Sec. 13301(c), Apr. 7, 1986, 100 Stat. 326; Pub. L. 99-514, 
Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100-647, title VII, 
Sec. 7106(c)(6), (7), Nov. 10, 1988, 102 Stat. 3774; Pub. L. 101-508, 
title XI, Sec. 11704(a)(40), Nov. 5, 1990, 104 Stat. 1388-520, provided 
that:
    ``(a) Transfer to Railroad Retirement Account.--
        ``(1) In general.--The Secretary of the Treasury shall transfer 
    from the general fund of the Treasury to the Railroad Retirement 
    Account an amount equal to the additional railroad unemployment 
    taxes received in the Treasury.
        ``(2) Taxes credited against loans to railroad unemployment 
    insurance account.--
            ``(A) Taxes attributable to basic rate to reduce railroad 
        unemployment loans made before october 1, 1985.--So much of the 
        amount transferred under paragraph (1) as is not attributable to 
        the surtax rate under section 7106(b) of the Railroad 
        Unemployment Insurance and Retirement Improvement Act of 1988 
        [Pub. L. 100-647, set out as a note under section 3321 of Title 
        26, Internal Revenue Code] shall be credited against, and 
        operate to reduce, the outstanding balance of railroad 
        unemployment loans made before October 1, 1985.
            ``(B) Taxes attributable to surtax rate to reduce railroad 
        unemployment loans made after september 30, 1985.--So much of 
        the amount transferred under paragraph (1) as is attributable to 
        the surtax rate under section 7106(b) of such Act shall be 
        credited against, and operate to reduce, the outstanding balance 
        of railroad unemployment loans made after September 30, 1985.
    ``(b) Transfers Made Monthly.--Transfers under subsection (a) shall 
be made at least monthly on the basis of estimates made by the Secretary 
of the Treasury of the amount of the additional railroad unemployment 
taxes received in the Treasury. Proper adjustments shall be made in the 
amount subsequently transferred to the extent prior estimates were in 
excess of or were less than the amounts required to be transferred.
    ``(c) Transfers to Railroad Unemployment Fund After Loans Repaid.--
If--
        ``(1) the amount described in subparagraph (A) or (B) of 
    subsection (a)(2) which (but for this subsection) would be 
    transferred to the Railroad Retirement Account under subsection (a), 
    exceeds--
        ``(2) the outstanding balance of railroad unemployment loans (as 
    of the time of such transfer) against which the amount described in 
    such subparagraph may be credited under such subparagraph,
such transfer (to the extent it exceeds such outstanding balance) shall 
be made to the Railroad Unemployment Account.
    ``(d) Definitions.--For purposes of this section--
        ``(1) Additional railroad unemployment taxes.--The term 
    `additional railroad unemployment taxes' means the taxes imposed by 
    chapter 23A of the Internal Revenue Code of 1986 [26 U.S.C. 3321 et 
    seq.].
        ``(2) Railroad unemployment account.--The term `Railroad 
    Unemployment Account' means the railroad unemployment insurance 
    account in the unemployment trust fund established pursuant to 
    section 904 of the Social Security Act [42 U.S.C. 1104].
        ``(3) Railroad unemployment loans.--The term `railroad 
    unemployment loans' means transfers under section 10(d) of the 
    Railroad Unemployment Insurance Act [45 U.S.C. 360(d)] from the 
    Railroad Retirement Account to the Railroad Unemployment Account. 
    The outstanding balance of such loans shall include any interest 
    required to be paid under such section 10(d).''


   Reimbursement of Railroad Retirement Act Accounts; ``Unnegotiated 
                        Benefit Checks'' Defined

    Section 417(c) of Pub. L. 98-76 provided that:
    ``(1) The Secretary of the Treasury shall transfer from the general 
fund of the Treasury to each Account established in the Treasury for the 
payment of benefits under the Railroad Retirement Act of 1974 [this 
subchapter] in the month following the month in which this section is 
enacted [Aug. 1983] and in each of the next succeeding months until May, 
1985, such sums as may be necessary to reimburse such Accounts in the 
proportionate amount of all checks (including interest thereon) 
attributable to such Accounts which the Secretary and the Board jointly 
determine to be unnegotiated benefit checks, to the extent provided in 
advance in appropriation Acts. After any amounts authorized by this 
subsection have been transferred to an Account or Accounts with respect 
to any benefit check, the provisions of paragraphs (3) and (4) of 
section 15(i) of the Railroad Retirement Act of 1974 (as added by 
subsection (a) of this section) [subsec. (i)(3), (4) of this section] 
shall be applicable to such check.
    ``(2) As used in paragraph (1) of this subsection, the term 
`unnegotiated benefit checks' means checks for benefits under the 
Railroad Retirement Act of 1974 [this subchapter] or under the Railroad 
Retirement Act of 1937 [subchapter III of this chapter] which are issued 
prior to May 1, 1985, which remain unnegotiated after the sixth month 
following the date on which they were issued, and with respect to which 
no transfers have previously been made in accordance with the first 
sentence of such paragraph.''


    Treatment of Certain Credits as Amounts Covered Into the Treasury

    Pub. L. 98-21, title I, Sec. 123(b)(5), Apr. 20, 1983, 97 Stat. 89, 
as amended by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, 
provided that: ``For purposes of subsection (a) of section 15 of the 
Railroad Retirement Act of 1974 [subsec. (a) of this section], amounts 
allowed as a credit under subsection (e) of section 3510 of the Internal 
Revenue Code of 1986 [26 U.S.C. 3510(e)] shall be treated as amounts 
covered into the Treasury under subsection (a) of section 3201 of such 
Code [26 U.S.C. 3201(a)].''


 Analysis of Options That Will Assure Long-Term Financial Integrity of 
 the Railroad Retirement System: Report and Recommendations to Congress

    Section 1126(a) of Pub. L. 97-35 directed President, not later than 
Oct. 1, 1982, to analyze options that would assure long-term financial 
integrity of railroad retirement system and report to Congress results 
of such analysis, together with recommendations with respect to such 
options and such comments as may have been submitted by representatives 
of railroad labor and management.

                  Section Referred to in Other Sections

    This section is referred to in section 231n-1 of this title.
