From Desk of National Legislative Director Gary Faley
NARVRE Members, we need to step up and help our fellow railway workers. Please make the call.
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.
We are now in the second month of 2023, and thankfully due to the increase in COLA, you should be receiving more money since the COLA benefit rose to 8.7% in Tier 1 and 2.8% in Tier 2 for railroad retirement benefits.
It has been an eventful few months for railroad workers as a possible strike loomed at the end of last year, 2022. However, President Biden has signed a resolution from Congress that imposes a tentative contract agreement. Congress passed the resolution on December 2, binding rail workers to the tentative contract agreement to avert the first national rail strike in decades.
The possibility of a nationwide rail strike was averted, effective December 2, 2022. Realizing that a strike on our nation and overall economy could be detrimental, President Biden called for Congressional intervention. This is in accordance with the Railway Labor Act (RLA).
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.
New and essential legislation has passed through Congress recently. The most recent bill that passed the House this summer was the Inflation Reduction Act. It passed with a party-line vote of 220-207 after the Senate passed the measure on a 51-50 vote margin, with Vice President Harris having to cast the tie-breaking vote. It is now official as President Biden signed the bill making the legislative package law.
Most railroad annuities, such as social security benefits, will rise in January 2023. The increase is due to a Consumer Price Index (CPI) from the third quarter of 2021 in accordance with the period of the current year.
As NARVRE officials, we consider it our duty to report to you ALL the facts from Washington, D.C., so you do not miss anything. This is just one of the perks of being a member of NARVRE.