WHEREAS, Many residents of the State of California are currently engaged in railroad employment or have engaged in that employment in the past, and look to the Railroad Retirement System to provide benefits when they retire; and

WHEREAS, Many residents of the State of California are currently receiving benefits under the Railroad Retirement System and rely on those benefits to a large extent to meet the normal costs of living; and

WHEREAS, Any reduction in the amount of benefits received by beneficiaries under the Railroad Retirement System would have a drastic effect on the ability of these beneficiaries to meet normal living expenses; and

WHEREAS, Projections of the financial condition of the Railroad Retirement System show that unless corrective action is taken, monthly annuities will have to be reduced significantly with additional reductions required in the future; and

WHEREAS, The Railroad Retirement Solvency Act of 1983 (P.L. 98-76), was introduced in the United States House of Representatives on February 24, 1983, by Representative James Florio; and

WHEREAS, That act resolved the short-term financial problems of the Railroad Retirement System through an even-handed approach of tax increases on railroad employers and employees and adjustments of benefits to current and future beneficiaries, thereby preserving and protecting the rights and expectations of those currently receiving benefits and those who would receive those benefits in the future; and

WHEREAS, The employee work force of our nation’s railroads is diminishing, through no fault of the rail employee; and

WHEREAS, The employee is currently paying $220.78 per month into the retirement fund, based on a $2,200 per month salary, with the rail carrier paying $564.66 per month for that employee, making a total payment per month of $785.44; and

WHEREAS, Additional funding has to be derived from sources other than the carrier or employee, as they are currently paying their fair share; now, therefore, be it