Railroad Retirement Board
Railroad
Retirement Board to Mark 75th Anniversary in 2010
February 2010
During 2010, the U.S. Railroad
Retirement Board (RRB) will observe the 75th anniversary of the enactment of
the Railroad Retirement Act of 1935. Part of President Franklin Roosevelt’s New
Deal legislation, the Act was signed into law on
The 1935 Act was the cornerstone of the
present railroad retirement system. In addition to paying retirement and
survivor benefits to railroad employees and their families, subsequent
legislation also authorized the payment of unemployment and sickness benefits
to rail workers.
Since its inception, the RRB has
paid $281 billion to 2,000,000 retired employees, 1,100,000 spouses, and
2,400,000 survivors; unemployment and sickness benefits have totaled some $8
billion. The first retirement annuities awarded under the 1935 Railroad Retirement
Act averaged $60 a month and no monthly benefits were payable to spouses or
survivors. Currently, employee annuity awards average about $2,700 a month,
annuities for spouses average over $900 a month, and annuities to aged and
disabled widow(er)s just over $1,700 a month. In 2010, nearly 600,000
beneficiaries will receive retirement and survivor benefits of about $11
billion, and about 42,000 persons will receive unemployment and sickness
benefits of about $300 million. Since 2002, funds needed to pay benefits have
been invested by an independent National Railroad Retirement Investment Trust.
As of
The RRB has been headquartered at
844 North Rush in
The current members of the Board
are Chairman Michael S. Schwartz, Management Member Jerome F. Kever, and Labor
Member V. M. Speakman, Jr.
The RRB will commemorate the 75th
anniversary with a series of activities and initiatives during the year,
including use of a special logo on all agency documents and publications.
Public Affairs 312-751-4777
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