| Table
1.--Fiscal Year 2003 Annuity Awards to 30-Year Employees
Retiring At Age 60 or Older* |
| |
Average
Award |
Average
Years
of Service |
| Employee |
$2,672 |
35.4 |
| Employee
and spouse |
$3,797 |
35.5 |
*Does not include those retiring at
full retirement age.
Note:--For
employees with at least 25 years of service and
a current connection, a supplemental annuity may
be payable. The supplemental annuity amount, for
awards after 1974, is $23 plus $4 for each year
of service over 25 years, up to a maximum of $43
for employees with 30 or more years of service.
Figures in this table and Table 2 include supplemental
annuity amounts. |
|
| Table
2.--Fiscal Year 2003 Annuity Awards Based on Service
Averaging Less than 30 Years |
| |
Average
Award |
Average
Years
of Service |
| Employee
full retirement age or over |
$1,574 |
21.9 |
| Employee
full retirement age or over and spouse |
$2,427 |
24.8 |
| Employee
under full retirement age with less than 30 years of service |
$1,228 |
17.5 |
| Employee
under full retirement age with less than 30 years of service and spouse |
$1,698 |
17.9 |
| Employee
retiring because of disability |
$2,093 |
24.2 |
|
| Table
3.-- 2004 Regular Railroad Retirement Taxes |
| |
Tax Rate |
Maximum Annual Taxable Earnings |
| Tier
I: |
| Employees & Employers |
7.65%* |
$87,900 |
| |
|
|
| Tier
II: |
| Employees |
4.90% |
$65,100 |
| Employers |
13.10% |
$65,100 |
| |
| |
Annual
Regular Taxes on
Employees Earning $87,900 |
| |
Tier
I |
Tier
II |
Total |
| Employees |
$6,724.35 |
$3,189.90 |
$9,914.25 |
| Employers |
$6,724.35 |
$8,528.10 |
$15,252.45 |
_______________
*
The tier I tax
rate is divided into 6.20% for railroad retirement
and 1.45% for Medicare hospital insurance. The
2004
maximum earnings base for railroad retirement is
$87,900 and the Medicare hospital insurance tax
is applied to all earnings. Consequently, employee
and employer contributions continue to be made at
the 1.45% rate, even after the employee has earned
$87,900. |
|
| Table
4.--Employee Retiring with Less than 30 Years
of Service |
| Year
of Birth |
Full Retirement Age |
Annuity
Reduction
at Age 62 |
| 1937 or earlier |
65 |
20.00% |
| 1938 |
65 years, 2 months |
20.833% |
| 1939 |
65 years, 4 months |
21.667% |
| 1940 |
65 years, 6 months |
22.50% |
| 1941 |
65 years, 8 months |
23.333% |
| 1942 |
65 years, 10 months |
24.167% |
| 1943 - 1954 |
66 |
25.00% |
| 1955 |
66 years, 2 months |
25.833% |
| 1956 |
66 years, 4 months |
26.667% |
| 1957 |
66 years, 6 months |
27.50% |
| 1958 |
66 years, 8 months |
28.333% |
| 1959 |
66 years, 10 months |
29.167% |
| 1960 or later |
67 |
30.00% |
|
|
