Rail Line Preservation and Employee Protection Act

[AI summary unavailable — showing source text] Rail Line Preservation and Employee Protection Act - Amends Federal law regarding railroad industry acquisitions by noncarriers to direct the Interstate Commerce Commission to require as a condition of its approval or exemption procedure the payment of separation allowance to eligible employees. Prescribes employee eligibility criteria. Sets forth a separation allowance schedule. Establishes a maximum separation allowance of $30,000 adjusted annually for inflation. Cites circumstances under which the Commission is authorized to require a transferor carrier to pay separation allowances to employees dismissed as a consequence of a rail line transfer if such employees were performing services upon such lines. Outlines conditions under which the acquiring noncarrier must grant the right of first hire in seniority order to employees who had been performing services for the transferor rail carrier in connection with the transferred rail lines. States that the Commission's authority under this Act is plenary and exclusive.…