Sec. 15A. social security equivalent benefit account

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## Sec. 15A social security equivalent benefit account ###

(a)There is hereby created an account in the Treasury of the United States to be known as the “Social Security Equivalent Benefit Account”. ###

(b)Transfers, Etc, to Social Security Equivalent Benefit Account ####

(1)Net tier 1 taxes, etc There is hereby appropriated to the Social Security Equivalent Benefit Account for each fiscal year, beginning with the fiscal year beginning October 1, 1984, an amount equal to the sum of the following amounts: #####

(A)Net tier 1 taxes Amounts covered into the Treasury (minus refunds) during such fiscal year under sections 3201(a), 3211(a)(1), and 3221(a) of the Railroad Retirement Tax Act. #####

(B)Income tax liabilities attributable to taxation of social security equivalent benefits The amount which (but for this section) would have been transferred to the Railroad Retirement Account under section 121(e) of the Social Security Amendments of 1983 to the extent that the amount which would have been so transferred is attributable to taxation of social security equivalent benefits. Amounts appropriated to the Railroad Retirement Account shall be appropriately reduced to take into account the amounts appropriated under this paragraph to the Social Security Equivalent Benefit Account. ####

(2)Financial interchange amounts On and after October 1, 1984, any amount which (but for this section) would have been transferred to the Railroad Retirement Account pursuant to paragraph

(2)or

(4)of section 7(c) of this Act shall be transferred to the Social Security Equivalent Benefit Account. On and after October 1, 1984, no transfer shall be made to the Railroad Retirement Account pursuant to paragraph

(2)or

(4)of section 7(c) of this Act. ####

(3)Certain credited military service amounts To the extent that the authorization for appropriation contained in section 15(b) is attributable to the cost of social security equivalent benefits, on and after October 1, 1984, any reference in such section to the Railroad Retirement Account shall be treated as a reference to the Social Security Equivalent Benefit Account. ####

(4)Time and manner of credits and transfers Amounts appropriated or transferred to the Social Security Equivalent Benefit Account under this section shall be credited or transferred to such Account at the same time and in the same manner as such amounts would have been credited or transferred to the Railroad Retirement Account but for this section. ###

(c)####

(1)Except as otherwise provided in this section, amounts in the Social Security Equivalent Benefit Account shall be available only for purposes of paying social security equivalent benefits under this Act and to provide for the administrative expenses of the Board allocable to social security equivalent benefits. The Secretary shall from time to time transfer to the disbursing agent under section 7(b)(4) amounts necessary to pay those benefits. ####

(2)On and after October 1, 1984, any transfer which (but for this paragraph) would be required to be made from the Railroad Retirement Account under paragraph

(2)or

(4)of section 7(c) shall be made from the Social Security Equivalent Benefit Account. ###

(d)####

(1)Whenever the Board finds that the balance in the Social Security Equivalent Benefit Account will be insufficient to pay social security equivalent benefits which it estimates are due in any month, it shall request the Secretary of the Treasury to transfer from the Railroad Retirement Account to the credit of the Social Security Equivalent Benefit Account such moneys as the Board estimates will be necessary for the payment of such benefits, and the Secretary shall make such transfer. ####

(2)Upon establishment of the National Railroad Retirement Investment Trust and from time to time thereafter, the Board shall direct the Secretary of the Treasury to transfer, in such manner as will maximize the investment returns to the Railroad Retirement system, the balance of the Social Security Equivalent Benefit Account not needed to pay current benefits and administrative expenses required to be paid from that Account to the National Railroad Retirement Investment Trust or the Railroad Retirement Account, and the Secretary shall make that transfer. Any balance transferred under this paragraph shall be used by the National Railroad Retirement Investment Trust or the Railroad Retirement Board only to pay benefits under this Act or to purchase obligations of the United States (either directly or through a commingled account consisting only of such obligations) that are backed by the full faith and credit of the United States pursuant to chapter 31 of title 31, United States Code. The proceeds of sales of, and the interest income from, such obligations shall be used by the Trust only to pay benefits under this Act or to purchase such additional obligations. ###

(e)The provisions of subsections (e), (f), and

(g)of section 15 are hereby made applicable to the Social Security Equivalent Benefit Account. ###

(f)####

(1)For purposes of making payments of social security equivalent benefits, references in the19 Act of the Railroad Retirement Account shall be treated as references to the Social Security Equivalent Benefit Account. 19So in law. Probably should be “this”. ####

(2)For purposes of this section, the term “**social security equivalent benefits**” means benefits payable under this Act which are of a kind taken into account in determining the amount of transfers made under section 7(c)(2) of this Act. **[**[45 U.S.C. 231n–1](/us/usc/t45/s231n–1)**]**

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45 USC 231n–1

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Sec. 15A

social security equivalent benefit account

Cite45 USC 231n–1

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