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.
Have you been offered a job with the railroad? Did a friend help you get the job? If so, you owe that friend a big steak dinner. Welcome to the club! The railroad is one of the best places to work in the United States, especially concerning your retirement. The railroad has one of the best retirements plans available for retiree’s and NARVRE or the National Association of Retired and Veteran Railroad Employees see to it that the railroad retirement benefits never change. NARVRE was established over 80 years ago, and its bylaws are still preserved to this day. According to RRB or Railroad Retirement Board, here are just a few benefits associated with their railroad employment and retirement benefits:
If you have been following the Railroad Retirement Board website (rrb.gov) or even the news, then you are aware of the upcoming increase in your retirement wage. Your Cost-of-Living part of your annuities will see a rise in January 2022.
Garey Faley sent a message recently explaining the facts behind the increase he says, “The Cost-of-Living increases are calculated in both Tier 1 and Tier 2 benefits included in your railroad retirement annuity. The Tier 1 benefits such as Social Security benefits, will increase by 5.9 % which equals the percentage of the CPI rise.