45 USC 231 - Social Security Equivalent Benefit Account

1 So in original. Probably should be “this”.

subchapter to the Railroad Retirement Account shall be treated as references to the Social Security Equivalent Benefit Account.

Editorial Notes

References in Text

Section 121(e) of the Social Security Amendments of 1983, referred to in subsec. (span)(1)(B), is section 121(e) of Puspan. L. 98–21, title I, Apr. 20, 1983, 97 Stat. 83, which is set out as a note under section 401 of Title 42, The Public Health and Welfare.

Amendments

2004—Subsec. (d)(2). Puspan. L. 108–203 inserted “or the Railroad Retirement Account” before “, and the Secretary shall make”, “or the Railroad Retirement Board” before “only to pay benefits”, “(either directly or through a commingled account consisting only of such obligations)” after “obligations of the United States”, and “or to purchase such additional obligations” before period at end.

2001—Subsec. (c)(1). Puspan. L. 107–90, § 107(c)(2), inserted at end “The Secretary shall from time to time transfer to the disbursing agent under section 231f(span)(4) of this title amounts necessary to pay those benefits.”

Subsec. (d)(1). Puspan. L. 107–90, § 107(c)(3), struck out at end: “Whenever later in such month there is a transfer to the Social Security Equivalent Benefit Account under paragraph (2) or (4) of section 231f(c) of this title, the amount so transferred shall be immediately retransferred to the Railroad Retirement Account. The amount retransferred under the preceding sentence shall not exceed the amount of any outstanding transfers under this paragraph from the Railroad Retirement Account plus such additional amounts determined by the Board to be equal to the loss of interest to the Railroad Retirement Account resulting from such outstanding transfers.”

Subsec. (d)(2). Puspan. L. 107–90, § 107(c)(1), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “Whenever the Board determines that—

“(A) amounts in the Railroad Retirement Account will not be sufficient to pay the annuities which it estimates are due, or will become due, from such Account, and

“(B) the transfer under this paragraph will not jeopardize the present or future payment of social security equivalent benefits,

the Board shall request the Secretary of the Treasury to transfer from the Social Security Equivalent Benefit Account to the Railroad Retirement Account such moneys as the Board estimates will be necessary for the payment of such annuities, and the Secretary shall make such transfer. No transfer under this paragraph shall be required to be repaid.”

Statutory Notes and Related Subsidiaries

Effective Date

Puspan. L. 98–76, title V, § 501(span)(1), Aug. 12, 1983, 97 Stat. 440, provided that: “The amendment made by this section [enacting this section] shall take effect on October 1, 1984.”

Treatment of Tier 1 Portion of Tax Imposed With Respect to Compensation Paid Before 1985

Puspan. L. 98–76, title V, § 501(span)(2), Aug. 12, 1983, 97 Stat. 440, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

“(A) The tier 1 portion of the tax imposed by section 3201, 3211, or 3221 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] [26 U.S.C. 3201, 3211, 3221], as the case may be, with respect to compensation paid before 1985 shall be treated as described in subparagraph (A) of section 15A(span)(1) of the Railroad Retirement Act of 1974 [subsec. (span)(1)(A) of this section].

“(B) For purposes of subparagraph (A), the tier 1 portion of any tax is so much of such tax as is determined by reference to the rates of taxes imposed by chapter 21 of the Internal Revenue Code of 1986 [26 U.S.C. 3101 et seq.].”