OTHER INDEPENDENT AGENCIES-Continued Program and Financing (in thousands of dollars)—Continued 1962 actual 1963 1964 estimate estimate RAILROAD RETIREMENT BOARD-Continued RAILROAD RETIREMENT ACCOUNT-Continued 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; payments from the Federal old-age and survivors insurance trust fund and Federal disability insurance trust fund. The railroad retirement system has a reinsurance arrangement of 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 has been included in social security coverage. To help improve the financial position of this account, Congress will be requested to increase the limit on compensation subject to Railroad retirement taxes from $400 to $450 a month. Budget program-1. Retirement and survivor benefit payments.--Payment estimates reflect the continuing growth in the beneficiary rolls. 2. Administrative expenses. Such expenses are subject to annual limitations in appropriation acts (see Limitation on salaries and expenses, Railroad Retirement Board, in pt. II of the budget). 3. 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 at 3% per annum. Object Classification (in thousands of dollars) 1. Maintenance of earnings accounts.-The amounts of insurance payments for unemployment, sickness, and maternity benefits are based upon individual records of earnings and daily wage rates. This workload fluctuates with the level of employment in the railroad industry, rates of turnover, and similar factors. The costs are shared on a measured basis with the retirement program. Accounts posted were 1,070,000 in 1962 and are estimated at 1,050,000 in 1963 and 1964. 2. Processing of unemployment insurance claims.Workers' claims for unemployment compensation are filed locally and certified for payment through regional offices. Regular unemployment claims were 2,048,000 in 1962 and are estimated at 1,700,000 in 1963 and 1,500,000 in 1964. 3. Processing of sickness and maternity claims.-These claims are filed by mail and certified for payment through the regional offices of the Board. Sickness claims were 798,000 in 1962 and estimated to be at about the same level in 1963 and 1964. 4. Claimant placement services.-The Board conducts an employment service for unemployment benefit claimants. This resulted in savings in benefit payments of approxi mately $6.5 million in 1962 as 43,100 placements were made. Placements should be at about this level in 1963 and 1964. |