S.2979 - A bill to amend the Railroad Retirement Act of 1974 and the Internal Revenue Code of 1954 to assure sufficient resources to pay current and future benefits and to extend certain cost-of-living increases.96th Congress (1979-1980)
|Sponsor:||Sen. Metzenbaum, Howard M. [D-OH] (Introduced 07/25/1980)|
|Committees:||Senate - Finance; Labor and Human Resources|
|Latest Action:||Senate - 07/25/1980 Referred to Senate Committee on Labor and Human Resources. (All Actions)|
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Summary: S.2979 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in Senate (07/25/1980)
Amends the Railroad Retirement Act of 1974 to extend specified cost-of-living increases for railroad employee annuitants.
Amends the Internal Revenue Code to increase the excise tax paid by employers on employees' compensation so as to generate funds to finance such increases.
Directs the Railroad Retirement Board, not later than 30 days before the beginning of a calendar year, to determine the account balance-benefit ratio for such calendar year. Directs the Board to publish a notice in the Federal Register of such ratio and of the tax rate applicable under this Act.