Responding to questions about the financial health of the Railroad Retirement and Railroad Unemployment trust funds, the labor member of the Railroad Retirement Board on May 4 issued an assurance that “we see no immediate cause for concern, even with the economic conditions our country now faces.”
Labor member Butch Speakman said a more complete statement would be issued along with the chief actuary’s annual valuation of the trust fund next month.
As for unemployment and sickness benefits paid to rail workers, Speakman said the law provides “necessary safeguards that will ensure the integrity of the benefit,” even under adverse economic conditions.
For example, Congress recently appropriated $20 million to extend payment of Railroad Unemployment benefits.
