The Railroad Retirement Board routinely publishes important news of interest to active and retired BLET members. Here is a summary of highlights published in Summer 2024.
• Each year the RRB prepares a Form BA-6, Certificate of Service Months and Compensation, for every railroad employee with creditable railroad compensation from the previous calendar year. These forms were mailed in the first half of June. The accuracy of Form BA-6 is vital because it shows how much money and how many service months an employee earned throughout the year. This information is used to determine your monthly retirement annuity and dictates when you can retire. Missing or incorrect information on the BA-6 means you could earn less during retirement, or you could have to work longer before you are eligible to retire. The RRB urges all railroaders to make sure their BA-6 matches their check stubs. If there is a discrepancy, then you have four years from the date of publication to file a protest and make corrections. More information is available at the link above.
• RRB administers the Railroad Unemployment Insurance Act (RUIA), which provides two kinds of benefits for qualified railroaders: unemployment benefits for those who become unemployed but are ready, willing, and able to work; and sickness benefits for those who are unable to work because of sickness or injury. A new benefit year begins each July 1. In July, the RRB published a list of questions and answers to describe these benefits, their eligibility requirements, and how to apply for and claim them.
• The old saying goes “you get what you pay for,” and it holds true regarding Railroad Retirement benefits. As most BLET members know, monthly annuities under Railroad Retirement are much higher than benefit rates paid under Social Security. That’s because employers and employees pay higher taxes under the Railroad Retirement system. The average age annuity being paid by the RRB at the end of fiscal year 2023 to career railroaders was $4,310 per month. The average age retirement benefit being paid under social security was $1,810 per month. Railroaders can also retire at age 60 with 30 years of service without a reduction in annuities, while no comparable early retirement program exists under social security. The RRB thoroughly examined these profound differences in a Q&A published in August. Go here for full details.