Page:United States Statutes at Large Volume 80 Part 1.djvu/1110

 1074

45 USC liL

PUBLIC LAW 89-699-OCT. 30, 1966

taxable pursuant to the Federal income tax provisions of the Internal Revenue Code of 1954." ^^^' ^- (^) Section 15 of the Railroad Retirement Act of 1937 is amended by inserting after subsection (a) the following: uRAILROAD

Ante, p. 1073.

Post, p. 1078.

77 Stat. 220.

Effective date. 45 USC 228b.

60 Stat. 727.

[80 STAT.

RETIREMENT SUPPLEMENTAL

ACCOUNT

" (b) There is hereby created an account in the Treasury of the United States to be known as the Railroad Retirement Supplemental Account. There is hereby appropriated to the Railroad Retirement Supplemental Account, for the fiscal year ending June 30, 1967, and for each fiscal year thereafter, out of any moneys in the Treasury not otherwise appropriated, to provide for the payment of supplemental annuities in accordance with the provisions of section 3(j) ^-f ^j^jg ^^.^^ ^j^^ f^j. cxpeuses uccessary for the Board in the administration of such section 3(j) as may be specifically authorized annually in Appropriation Acts, for crediting to such Supplemental Account, an amount equal to amounts covered into the Treasury (minus refunds) during the fiscal year ending June 30, 1967, and during each fiscal year thereafter, under sections 3211(b) and 3221(c) of tjjg Railroad Retirement Tax Act. "At the end of forty-eight months following the enactment of the Act establishing the Railroad Retirement Supplemental Account the Railroad Retirement Board, having surveyed the progress of such Account, shall make a determination of whether the balance in such Account together with the anticipated income to the Account for the next succeeding twelve months will be sufficient to provide for the payment of the supplemental annuities provided for in section 3(j) (1) of this Act. In the event that such determination is that such balance and such anticipated income will not be sufficient to provide for the payment of all such supplemental annuities in the amounts specified, the Railroad Retirement Board is hereby authorized and directed to readjust the amounts of all such supplemental annuities, proportionately, so that such balance and anticipated income will be sufficient to provide for payment of all the supplemental annuities as so readjusted for the next succeeding twelve months." (b) Section 15 of such Act is further amended by redesignating subsections (b), (c), and (d) as subsections (c), (d), and (e), respectively; by striking out the word "Account" where it first appears in subsection (c) as redesignated and inserting in lieu thereof "Railroad Retirement Account and the Railroad Retirement Supplemental Account (hereinafter jointly referred to as 'Accounts' or 'Railroad Retirement Accounts')"; by striking out "Account" each time it appears elsewhere in such redesignated subsections and inserting in lieu thereof "Accounts". gj,^, 3 ^j^) rpj^g amendment made by section 1 of this title shall be effective with respect to individuals whose annuities under section 2 of the Railroad Retirement Act of 1937 are first awarded on or after July 1, 1966, provided that no supplemental annuity shall accrue for months before the calendar month following the month in which this Act is enacted: Provided, however, That if before July 1, 1966, an annuity was awarded to an individual under section 2(a) 4 or 5 of the Railroad Retirement Act of 1937, and such individual had recovered from disability and returned to the service of an employer before July 1, 1966, following which he was awarded an annuity after June 30, 1966, the annuity last awarded him shall be deemed to be an annuity first awarded within the meaning of this subsection but only if he would have a current connection with the railroad industry at the time the annuity last awarded begins to accrue, disregarding his earlier entitlement to an annuity.

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