Railroad Retirement Act

[AI summary unavailable — showing source text] Railroad Retirement Act - Title I: The Railroad Retirement Act of 1974 - Defines the terms used in this Act. Sets forth the annuity eligibility requirements for individuals covered under this Act, their spouses and the survivors of deceased employees. Describes: (1) the procedures for the computation of the amount of employee annuities, taking into account social security benefits and a cost-of-living escalation; and (2) the formulas for computation of spouse and survivor benefits, resulting in an increase in such benefits. Prescribes the beginning and ending dates for annuities and the procedures for application for any payment under this Act. Provides for lump sum payments of annuities to survivors in specified instances. States that this Act shall be administered by the Railroad Retirement Act of 1937 as an independent agency in the executive branch and composed of three members appointed by the President, by and with the advice and consent of the Senate. Provides that the Board shall have and exercise all duties and powers necessary to administer this Act. Enumerates additional duties of the Board. Requires the Secretary of Health, Education, and Welfare to furnish the Board ce…