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[[Page 877]]

       RAILROAD RETIREMENT AND SURVIVORS' IMPROVEMENT ACT OF 2001

[[Page 115 STAT. 878]]

Public Law 107-90
107th Congress

                                 An Act


 
  To modernize the financing of the railroad retirement system and to 
                                provide 
   enhanced benefits to employees and beneficiaries. <<NOTE: Dec. 21, 
                          2001 -  [H.R. 10]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress <<NOTE: Railroad Retirement and 
Survivors' Improvement Act of 2001.>> assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short <<NOTE: 45 USC 231t note.>> Title.--This Act may be cited 
as the ``Railroad Retirement and Survivors' Improvement Act of 2001''.

    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.

         TITLE I--AMENDMENTS TO RAILROAD RETIREMENT ACT OF 1974

Sec. 101. Expansion of widow's and widower's benefits.
Sec. 102. Retirement age restoration.
Sec. 103. Vesting requirement.
Sec. 104. Repeal of railroad retirement maximum.
Sec. 105. Investment of railroad retirement assets.
Sec. 106. Elimination of supplemental annuity account.
Sec. 107. Transfer authority revisions.
Sec. 108. Annual ratio projections and certifications by the Railroad 
           Retirement Board.

        TITLE II--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986

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

         TITLE I--AMENDMENTS TO RAILROAD RETIREMENT ACT OF 1974

SEC. 101. EXPANSION OF WIDOW'S AND WIDOWER'S BENEFITS.

    (a) In General.--Section 4(g) of the Railroad Retirement Act of 1974 
(45 U.S.C. 231c(g)) is amended by adding at the end the following new 
subdivision:
    ``(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

[[Page 115 STAT. 879]]

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 
section 202(e)(7), 202(f)(2), or 202(g)(4) of the Social Security Act.
    ``(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--
            ``(A) in subsection (g)(1)(i) `100 per centum' shall be 
        substituted for `50 per centum'; and
            ``(B) in subsection (g)(2)(ii) `130 per centum' shall be 
        substituted for `80 per centum' both places it appears.

    ``(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 widower'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.''.
    (b) Effective <<NOTE: 45 USC 231c note.>> Date.--
            (1) In <<NOTE: Applicability.>> general.--The amendment made 
        by this section shall take effect on the first day of the first 
        month that begins more than 30 days after enactment, and shall 
        apply to annuity amounts accruing for months after the effective 
        date in the case of annuities awarded--
                    (A) on or after that date; and
                    (B) before that date, but only if the annuity amount 
                under section 4(g) of the Railroad Retirement Act of 
                1974 (45 U.S.C. 231c(g)) was computed under such 
                section, as amended by the Omnibus Budget Reconciliation 
                Act of 1981 (Public Law 97-35; 95 Stat. 357).
            (2) Special rule for annuities awarded before the effective 
        date.--In applying the amendment made by this section to 
        annuities awarded before the effective date, the calculation of 
        the initial minimum amount under new section 4(g)(10)(ii) of the 
        Railroad Retirement Act of 1974 (45 U.S.C. 231c(g)(10)(ii)), as 
        added by subsection (a), shall be made as of the date of the 
        award of the widow's or widower's annuity.

SEC. 102. RETIREMENT AGE RESTORATION.

    (a) Employee Annuities.--Section 3(a)(2) of the Railroad Retirement 
Act of 1974 (45 U.S.C. 231b(a)(2)) is amended by inserting after ``(2)'' 
the following new sentence: ``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).''.
    (b) Spouse and Survivor Annuities.--Section 4(a)(2) of the Railroad 
Retirement Act of 1974 (45 U.S.C. 231c(a)(2)) 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''.
    (c) Conforming Repeals.--Sections 3(a)(3), 4(a)(3), and 4(a)(4) of 
the Railroad Retirement Act of 1974 (45 U.S.C. 231b(a)(3), 231c(a)(3), 
and 231c(a)(4)) are repealed.
    (d) Effective <<NOTE: 45 USC 231c note.>> Dates.--

[[Page 115 STAT. 880]]

            (1) Generally.--Except <<NOTE: Applicability.>> as provided 
        in paragraph (2), the amendments made by this section shall 
        apply to annuities that begin to accrue on or after January 1, 
        2002.
            (2) Exception.--The amount of the annuity provided for a 
        spouse under section 4(a) of the Railroad Retirement Act of 1974 
        (45 U.S.C. 231c(a)) shall be computed under section 4(a)(3) of 
        such Act, as in effect on December 31, 2001, if the annuity 
        amount provided under section 3(a) of such Act (45 U.S.C. 
        231b(a)) for the individual on whose employment record the 
        spouse annuity is based was computed under section 3(a)(3) of 
        such Act, as in effect on December 31, 2001.

SEC. 103. VESTING REQUIREMENT.

    (a) Certain Annuities for Individuals.--Section 2(a) of the Railroad 
Retirement Act of 1974 (45 U.S.C. 231a(a)) is amended--
            (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
            (2) by adding at the end the following new subdivision:

    ``(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).''.
    (b) Computation Rule for Individuals' Annuities.--Section 3(a) of 
the Railroad Retirement Act of 1974 (45 U.S.C. 231b(a)), as amended by 
section 102 of this Act, is further amended by adding at the end the 
following new subdivision:
    ``(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.''.
    (c) Survivors' Annuities.--Section 2(d)(1) of the Railroad 
Retirement Act of 1974 (45 U.S.C. 231a(d)(1)) is amended by inserting 
``(or five years of service, all of which accrues after December 31, 
1995)'' after ``ten years of service''.
    (d) Limitation on Annuity Amounts.--Section 2 of the Railroad 
Retirement Act of 1974 (45 U.S.C. 231a) is amended by adding at the end 
the following new subsection:
    ``(i) An individual entitled to an annuity under this section who 
has completed five years of service, all of which accrues after

[[Page 115 STAT. 881]]

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 title II of the Social Security Act on the basis of the 
individual's employment record under both this Act and title II of the 
Social Security Act.''.
    (e) Computation Rule for Spouses' Annuities.--Section 4(a) of the 
Railroad Retirement Act of 1974 (45 U.S.C. 231c(a)), as amended by 
section 102 of this Act, is further amended by adding at the end the 
following new subdivision:
    ``(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.''.
    (f)  Application Deeming Provision.--Section 5(b) of the Railroad 
Retirement Act of 1974 (45 U.S.C. 231d(b)) is amended by striking the 
second sentence and inserting the following new sentence: ``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.''.
    (g) Crediting Service Under the Social Security Act.--Section 18(2) 
of the Railroad Retirement Act of 1974 (45 U.S.C. 231q(2)) is amended--
            (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 appears; and
            (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''.

    (h) Automatic Benefit Eligibility Adjustments.--Section 19 of the 
Railroad Retirement Act of 1974 (45 U.S.C. 231r) is amended--

[[Page 115 STAT. 882]]

            (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
            (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).

    (i) Conforming Amendments.--
            (1) Section 6(e)(1) of the Railroad Retirement Act of 1974 
        (45 U.S.C. 231e(1)) is amended by inserting ``(or five or more 
        years of service, all of which accrues after December 31, 
        1995)'' after ``ten years of service''.
            (2) Section 7(b)(2)(A) of the Railroad Retirement Act of 
        1974 (45 U.S.C. 231f(b)(2)(A)) is amended by inserting ``(or 
        five or more years of service, all of which accrues after 
        December 31, 1995)'' after ``ten years of service''.
            (3) Section 205(i) of the Social Security Act (42 U.S.C. 
        405(i)) is amended by inserting ``(or five or more years of 
        service, all of which accrues after December 31, 1995)'' after 
        ``ten years of service''.
            (4) Section 6(b)(2) of the Railroad Retirement Act of 1974 
        (45 U.S.C. 231e(b)(2)) is amended by inserting ``(or five or 
        more years of service, all of which accrues after December 31, 
        1995)'' after ``ten years of service'' the second place it 
        appears.

    (j) Effective <<NOTE: 42 USC 405 note.>> Date.--The amendments made 
by this section shall take effect on January 1, 2002.

SEC. 104. REPEAL OF RAILROAD RETIREMENT MAXIMUM.

    (a) Employee Annuities.--
            (1) In general.--Section 3(f) of the Railroad Retirement Act 
        of 1974 (45 U.S.C. 231b(f)) is amended--
                    (A) by striking subdivision (1); and
                    (B) by redesignating subdivisions (2) and (3) as 
                subdivisions (1) and (2), respectively.
            (2) Conforming amendments.--
                    (A) The first sentence of section 3(f)(1) of the 
                Railroad Retirement Act of 1974 (45 U.S.C. 231b(f)(1)), 
                as redesignated by paragraph (1)(B), is amended by 
                striking ``, without regard to the provisions of 
                subdivision (1) of this subsection,''.
                    (B) Paragraphs (i) and (ii) of section 7(d)(2) of 
                the Railroad Retirement Act of 1974 (45 U.S.C. 
                231f(d)(2)) are each amended by striking ``section 

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