For the last four years, Republicans in Washington have underfunded the Social Security Administration to the tune of $2.7 billion resulting in the closures of 80 Social Security field offices and 500 contact stations across the country. They are attempting to undermine our Social Security system through a depletion of services.
And when Republicans take control of Congress in January, they will push for a further reduction of services and deep cuts to earned benefits.
This past week, Social Security Works held a forum in Washington, DC to mobilize against this looming threat. At the meeting, Sen. Barbara Mikulski (D-MD), chairwoman of the Senate Appropriations Committee, said, “We need to organize and we need to mobilize and we have to stop agonizing.” And we have to move NOW.
RRB News U.S. Railroad Retirement Board www.rrb.gov 877-772-5772
Retiree Earnings Limits to Rise in 2015 Railroad retirement annuitants subject to earnings restrictions can earn more in 2015 without having their benefits reduced as a result of increases in earnings limits indexed to average national wage increases.
Like social security benefits, some railroad retirement benefit payments are subject to deductions if an annuitant’s earnings exceed certain exempt amounts. These earnings restrictions apply to those who have not attained full social security retirement age. For employee and spouse annuitants, full retirement age ranges from age 65 for those born before 1938 to age 67 for those born in 1960 or later. For survivor annuitants, full retirement age ranges from age 65 for those born before 1940 to age 67 for those born in 1962 or later.
For those under full retirement age throughout 2015, the exempt earnings amount rises to $15,720 from $15,480 in 2014. For beneficiaries attaining full retirement age in 2015, the exempt earnings amount, for the months before the month full retirement age is attained, rises to $41,880 in 2015 from $41,400 in 2014.
For those under full retirement age, the earnings deduction is $1 in benefits for every $2 of earnings orrb_annuities_and_pensions_from_work_not_covered_by_social_security_or_rrb_11-16-2014ver the exempt amount. For those attaining full retirement age in 2015, the deduction is $1 for every $3 of earnings over the exempt amount in the months before the month full retirement age is attained.
When applicable, these earnings deductions are assessed on the tier I and vested dual benefit portions of railroad retirement employee and spouse annuities, and the tier I, tier II, and vested dual benefit portions of survivor benefits.
All earnings received for services rendered, plus any net earnings from self-employment, are considered when assessing deductions for earnings. Interest, dividends, certain rental income, or income from stocks, bonds, or other investments are not considered earnings for this purpose.
Retired employees and spouses, regardless of age, who work for their last pre-retirement non-railroad employer are also subject to an additional earnings deduction, in their tier II and supplemental benefits, of $1 for every $2 in earnings up to a maximum reduction of 50 percent. This earnings restriction does not change from year to year and does not allow for an exempt amount.
A spouse benefit is subject to reduction not only for the spouse’s earnings, but also for the earnings of the employee, regardless of whether the earnings are from service for the last pre-retirement non-railroad employer or other post-retirement employment.
Special work restrictions continue to be applicable to disability annuitants in 2015. The monthly disability earnings limit increases to $850 in 2015 from $840 in 2014.
Regardless of age and/or earnings, no railroad retirement annuity is payable for any month in which an annuitant (retired employee, spouse or survivor) works for a railroad employer or railroad union.
# # #