As we move into 2025, retired railroad employees can anticipate a welcome increase in their Railroad Retirement Annuity thanks to cost-of-living adjustments (COLA). These adjustments are critical for helping retirees keep up with inflation and rising expenses. Let’s look at how the 2025 COLA increase will impact both the Tier I and Tier II portions of railroad retirement benefits.
The National Association of Retired and Veteran Railway Employees (NARVRE) is dedicated to keeping its members well-informed about the special benefits and regulations that govern their retirement under the Railroad Retirement Act (RRA). This blog aims to explain the differences within the Railroad Retirement system, with a specific focus on the Tier I and Tier II benefits. Additionally, it emphasizes the importance of understanding and advocating for the specific laws related to railroad retirement.
The last few months have been tumultuous in the White House, causing widespread speculation about a potential government shutdown. As an organization, we strongly encourage all our members to reach out to their Congress members. Urge them to prioritize funding for both Amtrak and the Railroad Retirement Board. Our mission has always been to assist elected representatives to help them understand the complexities of the railroad retirement system. It is important to note that even today, many members of Congress need to be made aware of our situation under the Railroad Retirement Act, which underscores the critical nature of our advocacy efforts.
Retirement is a phase of life that should be cherished and celebrated. Especially for those who have spent their careers in the railroad industry! The National Association of Retired and Veteran Railroad Employees (NARVRE) understands the value of this transition and offers a supportive community that goes beyond retirement. Joining the existing NARVRE members is beneficial, and you play a significant role in growing this community.
Back in the 1930s, there was a growing worry that the current pension programs were insufficient to provide retired railroad workers with the necessary support. Especially when they became older and unable to work. To address this concern, Congress set up a national railroad retirement system. If you are a retired railroad worker, you know your benefits differ from Social Security’s. Although both programs share some similarities, there are some notable differences in funding and benefit structure. Keep reading as we highlight some critical areas where these two retirement programs differ.
NARVRE Members:
After several months of warnings and four days before the U.S. Treasury debt default, Congress finally passed a legislative compromise raising the nation’s borrowing limit. The House approved the Fiscal Responsibility Act of 2023 with a vote of 314-117, followed by the Senate with a vote of 63-36 the following evening. The President signed the bill into law on June 3, 2023.
Most of us have been looking forward to the day we can finally enjoy retirement. However, before you decide to retire, it is essential that you are financially ready to retire. Ask yourself these questions:
Did you know that if you receive Medicare benefits through railroad Medicare, you are eligible to use Accountable Care Organizations and have access to their many benefits? In this post, we will share the benefits of these organizations and why you might consider joining them as a railroad retiree and member of NARVRE.
Annually in October, the Social Security Administration (SSA) and the Railroad Retirement Board (RRB) announce the cost-of-living adjustment (COLA) for the upcoming year. Every year there are questions from a new widow(er) pertaining to why they did not receive a COLA. They are worried they are not receiving their benefits properly and do not understand why others received them but did not. In some cases, due to a rise in Medicare premiums, they actually see their take-home amount lowered as well.