H.R. 4845 (ih) To amend title 18, United States Code, with respect to the prohibition against political fundraising activities in Federal buildings. [Introduced in House] ...

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                                                       Calendar No. 924
106th CONGRESS
  2d Session
                                H.R. 4844

                          [Report No. 106-475]


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 8, 2000

     Received; read twice and referred to the Committee on Finance

            October 3 (legislative day, September 22), 2000

                Reported by Mr. Roth, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 AN ACT


 
  To modernize the financing of the railroad retirement system and to 
       provide enhanced benefits to employees and beneficiaries.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE; TABLE OF CONTENTS.</DELETED>

<DELETED>    (a) Short Title.--This Act may be cited as the ``Railroad 
Retirement and Survivors' Improvement Act of 2000''.</DELETED>
<DELETED>    (b) Table of Contents.--The table of contents for this Act 
is as follows:</DELETED>

<DELETED>Sec. 1. Short title; table of contents.
    <DELETED>TITLE I--AMENDMENTS TO RAILROAD RETIREMENT ACT OF 1974

<DELETED>Sec. 101. Expansion of widow's and widower's benefits.
<DELETED>Sec. 102. Retirement age restoration.
<DELETED>Sec. 103. Vesting requirement.
<DELETED>Sec. 104. Repeal of railroad retirement maximum.
<DELETED>Sec. 105. Investment of railroad retirement assets.
<DELETED>Sec. 106. Elimination of supplemental annuity account.
<DELETED>Sec. 107. Transfer authority revisions.
<DELETED>Sec. 108. Annual ratio projections and certifications by the 
                            Railroad Retirement Board.
   <DELETED>TITLE II--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986

<DELETED>Sec. 201. Amendments to the Internal Revenue Code of 1986.
<DELETED>Sec. 202. Exemption from tax for Railroad Retirement 
                            Investment Trust.
<DELETED>Sec. 203. Repeal of supplemental annuity tax.
<DELETED>Sec. 204. Employer, employee representative, and employee tier 
                            2 tax rate adjustments.

      <DELETED>TITLE I--AMENDMENTS TO RAILROAD RETIREMENT ACT OF 
                             1974</DELETED>

<DELETED>SEC. 101. EXPANSION OF WIDOW'S AND WIDOWER'S 
              BENEFITS.</DELETED>

<DELETED>    (a) In General.--Section 4(g) of the Railroad Retirement 
Act of 1974 is amended by adding at the end the following new 
subdivision:</DELETED>
<DELETED>    ``(10)(i) If for any month the unreduced annuity provided 
under this section for a widow or widower is less than the widow's or 
widower's initial minimum amount computed pursuant to paragraph (ii) of 
this subdivision, the unreduced annuity shall be increased to that 
initial minimum amount. For the purposes of this subdivision, the 
unreduced annuity is the annuity without regard to any deduction on 
account of work, without regard to any reduction for entitlement to an 
annuity under section 2(a)(1) of this Act, without regard to any 
reduction for entitlement to a benefit under title II of the Social 
Security Act, and without regard to any reduction for entitlement to a 
public service pension pursuant to sections 202(e)(7), 202(f)(2), or 
section 202(g)(4) of the Social Security Act.</DELETED>
<DELETED>    ``(ii) For the purposes of this subdivision, the widow or 
widower's initial minimum amount is the amount of the unreduced annuity 
computed at the time an annuity is awarded to that widow or widower, 
except that--</DELETED>
        <DELETED>    ``(A) in subsection (g)(1)(i) `100 per centum' 
        shall be substituted for `50 per centum'; and</DELETED>
        <DELETED>    ``(B) in subsection (g)(2)(ii) `130 per centum' 
        shall be substituted for `80 per centum' both places it 
        appears.</DELETED>
<DELETED>    ``(iii) If a widow or widower who was previously entitled 
to a widow's or widower's annuity under section 2(d)(1)(ii) of this Act 
becomes entitled to a widow's or widow's annuity under section 
2(d)(1)(i) of this Act, a new initial minimum amount shall be computed 
at the time of award of the widow's or widower's annuity under section 
2(d)(1)(i) of this Act.''.</DELETED>
<DELETED>    (b) Effective Date.--</DELETED>
        <DELETED>    (1) Generally.--The amendment made by this section 
        shall take effect January 1, 2001 and shall apply to annuity 
        amounts accruing for months after December 2000 in the case of 
        annuities awarded on or after that date and in the case of 
        annuities awarded before that date if the annuity amount under 
        section 4(g) of the Railroad Retirement Act was computed under 
        section 4(g), as amended by Public Law 97-35.</DELETED>
        <DELETED>    (2) Special rule for annuities awarded before 
        january 1, 2001.--In applying the amendments made by this 
        section to annuities awarded before January 1, 2001, the 
        calculation of the initial minimum amount under new section 
        4(g)(10)(ii) of the Act shall be made as of the date of award 
        of the widow's or widower's annuity.</DELETED>

<DELETED>SEC. 102. RETIREMENT AGE RESTORATION.</DELETED>

<DELETED>    (a) Employee Annuities.--Section 3(a)(2) of the Railroad 
Retirement Act of 1974 is amended by inserting after ``(2)'' the 
following: ``For purposes of this subsection, individuals entitled to 
an annuity under section 2(a)(1)(ii) of this Act shall, except for the 
purposes of recomputations in accordance with section 215(f) of the 
Social Security Act, be deemed to have attained retirement age (as 
defined by section 216(l) of the Social Security Act).''.</DELETED>
<DELETED>    (b) Spouse and Survivor Annuities.--Section 4(a)(2) of the 
Railroad Retirement Act of 1974 is amended by striking ``if an'' and 
all that follows through ``section 2(c)(1) of this Act'' and inserting 
``a spouse entitled to an annuity under section 2(c)(1)(ii)(B) of this 
Act''.</DELETED>
<DELETED>    (c) Conforming Repeals.--Sections 3(a)(3), 4(a)(3), and 
4(a)(4) of the Railroad Retirement Act are repealed.</DELETED>
<DELETED>    (d) Effective Dates.--</DELETED>
        <DELETED>    (1) Generally.--Except as provided in paragraph 
        (2), the amendments made by this section shall apply to 
        annuities that begin to accrue on or after January 1, 
        2001.</DELETED>
        <DELETED>    (2) Exception.--The amount of the annuity provided 
        for a spouse under section 4(a) shall be computed under section 
        4(a)(3), as in effect before the date of the enactment of this 
        section, if the annuity amount provided under section 3(a) for 
        the individual on whose employment record the spouse annuity is 
        based was computed under section 3(a)(3), as in effect before 
        the date of the enactment of this section.</DELETED>

<DELETED>SEC. 103. VESTING REQUIREMENT.</DELETED>

<DELETED>    (a) Certain Annuities for Individuals.--Section 2(a) of 
the Railroad Retirement Act of 1974 is amended--</DELETED>
        <DELETED>    (1) by inserting in subdivision (1) ``or, for 
        purposes of paragraphs (i), (iii), and (v), five years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten years of service''; and</DELETED>
        <DELETED>    (2) by adding at the end the following:</DELETED>
<DELETED>    ``(4) An individual who is entitled to an annuity under 
paragraph (v) of subdivision (1), but who does not have at least ten 
years of service, shall, prior to the month in which the individual 
attains age 62, be entitled only to an annuity amount computed under 
section 3(a) of this Act (without regard to section 3(a)(2) of this 
Act) or section 3(f)(3) of this Act. Upon attainment of age 62, such an 
individual may also be entitled to an annuity amount computed under 
section 3(b), but such annuity amount shall be reduced for early 
retirement in the same manner as if the individual were entitled to an 
annuity under section 2(a)(1)(iii).''.</DELETED>
<DELETED>    (b) Computation Rule for Individuals' Annuities.--Section 
3(a) of the Railroad Retirement Act of 1974, as amended by section 102 
of this Act, is further amended by adding at the end the following new 
subdivision:</DELETED>
<DELETED>    ``(3) If an individual entitled to an annuity under 
section 2(a)(1)(i) or (iii) of this Act on the basis of less than ten 
years of service is entitled to a benefit under section 202(a), section 
202(b), or section 202(c) of the Social Security Act which began to 
accrue before the annuity under section 2(a)(1)(i) or (iii) of this 
Act, the annuity amount provided such individual under this subsection, 
shall be computed as though the annuity under this Act began to accrue 
on the later of (A) the date on which the benefit under section 202(a), 
section 202(b), or section 202(c) of the Social Security Act began or 
(B) the date on which the individual first met the conditions for 
entitlement to an age reduced annuity under this Act other than the 
conditions set forth in sections 2(e)(1) and 2(e)(2) of this Act and 
the requirement that an application be filed.''.</DELETED>
<DELETED>    (c) Survivors' Annuities.--Section 2(d)(1) of the Railroad 
Retirement Act of 1974 is amended by inserting ``or five years of 
service, all of which accrues after December 31, 1995,'' after ``ten 
years of service''.</DELETED>
<DELETED>    (d) Limitation on Annuity Amounts.--Section 2 of the 
Railroad Retirement Act of 1974 is amended by adding at the end the 
following:</DELETED>
<DELETED>    ``(i) An individual entitled to an annuity under this 
section who has completed five years of service, all of which accrues 
after 1995, but who has not completed ten years of service, and the 
spouse, divorced spouse, and survivors of such individual, shall not be 
entitled to an annuity amount provided under section 3(a), section 
4(a), or section 4(f) of this Act unless the individual, or the 
individual's spouse, divorced spouse, or survivors, would be entitled 
to a benefit under the Social Security Act on the basis of the 
individual's employment record under both the Railroad Retirement Act 
and the Social Security Act.''.</DELETED>
<DELETED>    (e) Computation Rule for Spouses' Annuities.--Section 4(a) 
of the Railroad Retirement Act of 1974, as amended by section 102 of 
this Act, is further amended by adding at the end the following new 
subdivision:</DELETED>
<DELETED>    ``(3) If a spouse entitled to an annuity under section 
2(c)(1)(ii)(A), section 2(c)(1)(ii)(C), or section 2(c)(2) of this Act 
or a divorced spouse entitled to an annuity under section 2(c)(4) of 
this Act on the basis of the employment record of an employee who will 
have completed less than 10 years of service is entitled to a benefit 
under section 202(a), section 202(b), or section 202(c) of the Social 
Security Act which began to accrue before the annuity under section 
2(c)(1)(ii)(A), section 2(c)(1)(ii)(C), section 2(c)(2), or section 
2(c)(4) of this Act, the annuity amount provided under this subsection 
shall be computed as though the annuity under this Act began to accrue 
on the later of (A) the date on which the benefit under section 202(a), 
section 202(b), or section 202(c) of the Social Security Act began or 
(B) the first date on which the annuitant met the conditions for 
entitlement to an age reduced annuity under this Act other than the 
conditions set forth in sections 2(e)(1) and 2(e)(2) of this Act and 
the requirement that an application be filed.''.</DELETED>
<DELETED>    (f)  Application Deeming Provision.--Section 5(b) of the 
Railroad Retirement Act of 1974 is amended by striking the second 
sentence and inserting the following: ``An application filed with the 
Board for an employee annuity, spouse annuity, or divorced spouse 
annuity on the basis of the employment record of an employee who will 
have completed less than ten years of service shall be deemed to be an 
application for any benefit to which such applicant may be entitled 
under this Act or section 202(a), section 202(b), or section 202(c) of 
the Social Security Act. An application filed with the Board for an 
annuity on the basis of the employment record of an employee who will 
have completed ten years of service shall, unless the applicant 
specified otherwise, be deemed to be an application for any benefit to 
which such applicant may be entitled under this Act or title II of the 
Social Security Act.''.</DELETED>
<DELETED>    (g) Crediting Service Under the Social Security Act.--
Section 18(2) of the Railroad Retirement Act of 1974 is amended--
</DELETED>
        <DELETED>    (1) by inserting ``or less than five years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten years of service'' every place it occurs; and</DELETED>
        <DELETED>    (2) by inserting ``or five or more years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten or more years of service''.</DELETED>
<DELETED>    (h) Automatic Benefit Eligibility Adjustments.--Section 19 
of Railroad Retirement Act of 1974 is amended--</DELETED>
        <DELETED>    (1) by inserting ``or five or more years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten years of service'' in subsection (c); and</DELETED>
        <DELETED>    (2) by inserting ``or five or more years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten years of service'' in subsection (d)(2).</DELETED>
<DELETED>    (i) Conforming Amendments.--</DELETED>
        <DELETED>    (1) Section 6(e)(1) of the Railroad Retirement Act 
        of 1974 is amended by inserting ``or five or more years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten years of service''.</DELETED>
        <DELETED>    (2) Section 7(b)(2) of the Railroad Retirement Act 
        of 1974 is amended by inserting ``or five or more years of 
        service, all of which accrues after December 31, 1995,'' after 
        ``ten years of service''.</DELETED>
        <DELETED>    (3) Section 205(i) of the Social Security Act is 
        amended by inserting ``or five or more years of service, all of 
        which accrues after December 31, 1995,'' after ``ten years of 
        service''.</DELETED>
<DELETED>    (j) Effective Date.--The amendments made by this section 
shall take effect January 1, 2001.</DELETED>

<DELETED>SEC. 104. REPEAL OF RAILROAD RETIREMENT MAXIMUM.</DELETED>

<DELETED>    (a) Employee Annuities.--Section 3(f) of the Railroad 
Retirement Act of 1974 is amended by striking paragraph (1).</DELETED>
<DELETED>    (b) Spouse and Survivor Annuities.--Section 4 of the 
Railroad Retirement Act of 1974 is amended by striking subsection 
(c).</DELETED>
<DELETED>    (c) Effective Date.--The amendments made by this section 
shall be effective January 1, 2001, and shall apply to annuity amounts 
accruing for months after December 2000.</DELETED>

<DELETED>SEC. 105. INVESTMENT OF RAILROAD RETIREMENT ASSETS.</DELETED>

<DELETED>    (a) Establishment of Railroad Retirement Investment 
Trust.--Section 15 of the Railroad Retirement Act of 1974 is amended by 
inserting after subsection (i) the following:</DELETED>
<DELETED>    ``(j) Railroad Retirement Investment Trust.--</DELETED>
        <DELETED>    ``(1) Establishment.--The Railroad Retirement 
        Investment Trust (hereinafter in this subsection referred to as 
        the `Trust') is hereby established. The Trust shall manage and 
        invest the assets of the Railroad Retirement Trust Fund 
        (hereinafter in this section referred to as the ``Fund'', which 
        is hereby established as a trust organized in the District of 
        Columbia and shall, to the extent not inconsistent with this 
        Act, be subject to the laws of the District of Columbia 
        applicable to such trusts.</DELETED>
        <DELETED>    ``(2) Not a federal agency or instrumentality.--
        The Trust is not a department, agency, or instrumentality of 
        the Government of the United States and shall not be subject to 
        title 31, United States Code.</DELETED>
        <DELETED>    ``(3) Board of trustees.--</DELETED>

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