What Are the Benefits of the Railroad Retirement Act?
Railroad employees who are vested are eligible for retirement benefits. Railroad Retirement is administered by an independent agency of the federal government, the Railroad Retirement Board (RRB). If you are having trouble obtaining benefits that you believe you are entitled to, speak with a Tampa railroad retirement attorney. The following summarizes some of the major benefits available under the plan.
A Tampa Railroad Retirement Lawyer Explains How the System Is Operated
The Railroad Retirement Board functions in a way analogous to the Social Security System. In fact, as will be seen, in some cases, time toward vesting may be transferred to Social Security retirement. As your Tampa railroad retirement attorney will tell you, both of these programs are federally operated, and their earnings credits, benefits and tax consequences parallel each other. For a full explanation of the benefits and responsibilities of the RRB, you can speak with your Tampa railroad retirement attorney.
Retirement under the RRB system provides retirement funds and benefits, unemployment for illness and comprehensive survivor benefits for both railroad employees and their family members. The federal Railroad Retirement and Railroad Unemployment Insurance Acts delineate these responsibilities.
A Tampa Railroad Retirement Lawyer Discusses Service Requirements
In order to obtain annuity benefits you will need 10 years of credited service working in the railroad industry if the work was performed through 1995. The service requirement after 1995 is five years. Your Tampa railroad retirement attorney will tell you that you need not have worked the full month to gain credit for it, and, in fact, one day of service for a month credits that month. If you have fewer than five years of service, the service time will be transferred to the Social Security Administration’s retirement plan.
A Tampa Railroad Retirement Attorney on Major Benefits under the Program
As a vested retiree from the railroad industry you can begin to receive partial annuity benefits at age 60 if you have 30 years of qualifying service. If your service is less than 30 years, but over the minimum for vesting, you may begin receiving the annuity at age 62. Full benefits, however, are paid to those who wait to retire until age 65. This only applies to those who were born before 1938, however. For those born later, consult a Tampa railroad retirement attorney for a detailed explanation of when you may begin receiving the full annuity.
The RRB also provides a spousal annuity. Receiving this is dependent upon several factors, including the retiree’s age, retirement date and years of qualifying service in the railroad industry. Your Tampa railroad retirement attorney will caution you that if you choose to return to work in the railroad industry after retiring, this can have implications for your and your spouse’s benefits.
Consult a Tampa Railroad Retirement Lawyer If You Have Questions or Concerns
It is important that you have a clear understanding of how the system operates and what is necessary to qualify; otherwise, you may lose out on benefits you are entitled to. Call Tampa railroad retirement attorney Mike Murburg today for any questions that you have at (877) 774-2889.