[Congressional Record Volume 147, Number 108 (Monday, July 30, 2001)]
[Extensions of Remarks]
[Page E1469]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      SUPPORTING RAILROAD FAMILIES

                                 ______
                                 

                          HON. JOHN P. MURTHA

                            of pennsylvania

                    in the house of representatives

                         Monday, July 30, 2001

  Mr. MURTHA. Mr. Speaker, as a co-sponsor of the Railroad Retirement 
and Survivors Improvement Act of 2001, I urge the House of 
Representatives to pass this legislation--it marks a vital opportunity 
to strengthen the retirement benefits for thousands of railroad 
families.
  This legislation modernizes and strengthens the retirement system 
which has covered railroad workers for 65 years. It provides more 
secure benefits at lower costs to employers and employees, has the 
support of both rail management and labor, and provides the kind of 
solid retirement support we need for the 673,000 retirees and 
beneficiaries.
  Among the key elements of this legislation we debate today are:
  --provides for increased responsibility by the railroad industry for 
the financial health of the Railroad Retirement system
  --the legislation improves the benefits for retirees and their 
families; in particular it makes major improvements in benefits for 
widows and widowers--a key in meeting today's high costs in areas like 
energy and health
  --reduces the current early retirement age of 62 with 30 years of 
service to age 60 with 30 years of service
  --tax rates are substantially reduced for employees
  --and currently it takes 10 years to vest for retirement benefits, 
but this reduces it to 5-7 years, much more similar to other 
industries.
  This reform legislation is the result of 2\1/2\ years of negotiations 
and it will build on the stability of the railroad retirement system, 
the fairness of retirement benefits, and the need to make adjustments 
to help retirees meet their needs.
  This bi-partisan legislation is fair, is needed, and is long overdue. 
I urge the House of Representatives to overwhelmingly pass this 
legislation and the Senate to do likewise.

                          ____________________