Income. The income of the Railroad retirement account consists of taxes paid by railroad employers and employees; interest on investments; appropriations for military service credits; repayments on amounts loaned to the Railroad unemployment insurance account; ments from the Federal old-age and survivors insurance trust fund and Federal disability insurance trust fund. The railroad retirement system has reinsurance arrangement of annual financial interchanges with the social security system so as to place these systems in the same position in which they would have been if railroad employment had been included in social security coverage. Retirement, disability, and survivor benefit payments. Payment estimates reflect the continuing growth in the beneficiary rolls. Administrative expenses. Such expenses are subject to annual limitations in appropriation acts (see Limitation on salaries and expenses, Railroad Retirement Board in part II of the budget). Loan to Railroad unemployment insurance account. The Railroad Unemployment Insurance Act provides that when the balance in the Railroad unemployment insurance account is insufficient to pay benefits due under that act, necessary amounts are to be borrowed from the Railroad retirement account. When the balance in the Railroad unemployment insurance account permits, borrowed amounts are to be repaid to the Railroad retirement account with interest. Under proposed legislation, 1966.-Proposed legislation will include the Railroad Retirement system in the changes being proposed for the Social Security system. Coverage of all aged railroad beneficiaries under the hospital insurance, and selected increases in benefits will be financed pay-through increases in the tax rate and wage base. 1966 receipts to the Retirement Account will be higher due to these increases. Expenditures in 1966 relate to selected increase on benefits since hospital benefits begin on July 1, 1966. Total obligations.... LIMITATION ON RAILROAD UNEMPLOYMENT INSURANCE Program and Financing (in thousands of dollars) 1965 1966 estimate estimate 1964 actual 331 4,824 2,193 712 733 8,793 8,790 1965 1966 estimate estimate 236 4,503 1.930 768 8,200 42,000 -38,400 8,200 3,600 42,000 42,000 1965 1966 estimate estimate 229 4.184 1,769 758 760 7,700 7.700 |
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