For Release: Wednesday, August 1, 2001
Contact: Heather Lepeska, (202) 225-5661

Congress Passes Railroad Retirement Bill

Washington - The House of Representatives acted yesterday on the Railroad Retirement and Survivors' Improvement Act, Congressman Jerry F. Costello (D-IL) announced. The bill passed by a vote of 384-33.

"I was pleased that this bill passed with my strong support," Costello said, who is a cosponsor of the legislation. "The legislation is not only beneficial to railroad retirees, but also significantly improves benefits to surviving spouses."

The bill creates a new Railroad Retirement Investment Trust Fund in which railroad pension assets can be invested in private securities, doubles benefits to surviving spouses, decreases the age at which rail workers may be eligible for benefits, and decreases vesting time.

There are 1,340 railroad workers and 5,506 beneficiaries in the 12th District. There are 61,941 beneficiaries in the State of Illinois.

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