Summary: S.2979 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for S.2979. Bill summaries are authored by CRS.

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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.