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B-287158 1 (2002-10-10)

handle is hein.gao/gaocrptaoaq0001 and id is 1 raw text is: GAO ,Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 Decision Matter of: Railroad Retirement Board: Status of Amounts Transferred Pursuant to Section 401 of the Railroad Retirement Solvency Act of 1983 File: B-287158 Date: October 10, 2002 DIGEST Prior to 1974, individuals with sufficient earnings under both the railroad retirement and social security programs could qualify for benefits under both programs. The attendant windfalls were benefits in excess of what the individuals would have received had they worked exclusively within one system. After 1974, Congress intended that the costs of these windfall payments be borne by the general fund and not by the railroad retirement system. Payments authorized under section 401 of the Railroad Retirement Solvency Act of 1983 were intended to recompense the railroad retirement system for having covered the appropriation shortfall in paying the windfall benefits between 1974 and 1981. The transferred amounts, although called loans, were to be repaid only to the extent that funds were appropriated for that purpose, which has not been done. Since it was not intended that the Railroad Retirement Board repay the transferred amounts from its accounts, it is not under any legal obligation regarding these funds absent an appropriation for such purpose. DECISION The Bureau of the Public Debt, Department of the Treasury (Treasury) requests our legal opinion concerning the treatment of $2.1 billion transferred from the general fund to the Railroad Retirement Board (RRB) in three installments pursuant to section 401 of the Railroad Retirement Solvency Act of 1983 (the 1983 Act), 45 U.S.C. § 231n. Under the 1983 Act, the transferred amounts, called loans, would be repaid to the general fund to the extent sums are appropriated for the purpose. 45 U.S.C. § 231n(d)(6). In the 16 years since the last amount was transferred, the Congress has not appropriated funds for the purpose of repayment of the amounts transferred.

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