Description: Public Law 93-445 provided for a complete restructuring of the railroad retirement system. This paper discusses 2 of the issues/problems underlying the need for the restructuring. These were 1 concurrent social security benefits paid to railroad annuitants 2 the approach used to increase benefits to keep up with inflation. Also a discussion of the basic achievement of the new law, which was to create a two-tiered benefit structure. Followed by 2 discussion papers submitted

Description: This article covers a session at the 1975 Spring Cincinnati Joint Meeting of the Conference of Actuaries in Public Practice and Society of Actuaries. It addresses the following issues: how the Social Security system reached its present situation with respect to benefit levels and actuarial status, the problems in Social Security funding and with the Social Security system, the prospects for the Railroad Retirement system and the future of Social Security. 1975 Record Vol.1, No.3