No CRS summary available for this bill.
This section establishes the Railroad Retirement Board Administrative Account within the Treasury, with amounts permanently available to administer the Railroad Retirement Act and Railroad Unemployment Insurance Act. It authorizes transfers from the Railroad Retirement Account, Social Security Equivalent Benefits Account, and Railroad Unemployment Insurance Administration Fund, capped at the lesser of 1.25 percent of prior-year benefits (FY2027–2031) or 1.15 percent (FY2032 onward) minus unobligated balances. It creates a Technology Fund within the Account that receives $10 million in FY2027 and $20 million annually through FY2031 for legacy system modernization through FY2032, and authorizes additional appropriations for unforeseen expenses and post-2032 modernization.
This section requires the Comptroller General to submit a report within 10 months of enactment to the Senate Committee on Health, Education, Labor, and Pensions and the House Committee on Transportation and Infrastructure with recommendations to modernize the Railroad Retirement Board's legacy benefit processing systems. The report must draw on other agencies' COBOL modernization experience and best practices and identify available federal resources, after consulting the Board's members and CIO, Class I, II, and III railroads, rail unions, and current beneficiaries. It also requires a follow-up report by 6 months after the end of FY2031 assessing implementation, compliance with internal plans, any shortfalls, and remaining costs.