A bill to amend the Railroad Retirement Act of 1937 and the Railroad Retirement Tax Act to revise certain eligibility conditions for annuities; to change the railroad retirement tax rates; and to amend the Interstate Commerce Act in order to improve the procedures pertaining to certain rate adjustments for carriers subject to part I of the Act.

[AI summary unavailable — showing source text] Title I: Railroad Retirement Act Amendments - Provides that individuals who will have attained the age of sixty and will have completed thirty years of service will be eligible for an annuity under this Act. Sets forth the rate of tax imposed on the income of every employee covered under the Railroad Retirement Tax Act. Revises the computation for deductions of the tax from the employees' compensation. Sets forth the rate of taxation to be applied against the employer. Extends the provisions of this Act to December 31, 1974. Provides that title II of the Social Security Act is amended to provide an increase in benefits payable therunder at any time during the period July 1, 1973, through December 31, 1974. Provides that the individual's annuity computed under the preceding provisions of Railroad Retirement Act shall be increased in an amount equal to the difference between: (1) the amount (before any reduction on account of age) which would be payable to such individual under the then current law if his or her annuity were computed under this Act, without regard to the words plus 10 percent of such total amount contained therein; and (2) the amount (before any reduction on account …