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.
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.
Important legislation has recently been passed through Congress this summer. The most recent bill to pass the House this summer was the Inflation Reduction Act (HR5376) which passed on a party-line vote 220-207 after the Senate passed the measure on a 51-50 vote margin with Vice-President Harris casting the tie-breaking vote. The President has signed the bill, and this legislative package is now law.
The Unity of Purpose was recently implemented by your Executive Board, including:
To all NARVRE members, it is time to prepare for the membership renewal drive for 2023. We are urging every unit to get set up for this crucial time. Maintaining and gaining new members is essential to NARVRE carrying out the many duties that keep your retirement benefits secure.
If you are a railroad veteran, current railroad employee, or retired from the railroad, you should consider joining NARVRE if you are not yet a member. NARVRE is the National Association of Retired and Veteran Railway Employees. NARVRE is essentially your gateway to Washington D.C. The legislative offices of NARVRE work closely with the Railroad Retirement Board ensuring that your benefits stay intact among many other legislative appropriations, including upgrading computerization. Once the computerization is upgraded, we will be more assured that our information is protected, and our field offices are adequately staffed.