Word: pensions
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Dates: during 1930-1939
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Three years ago when the Social Security Act was still just an eleemosynary gleam in Franklin Roosevelt's eye, Congress, which got its early training in industrial legislation working on the railroads, passed a pension law for the 1,500,000 railroad employes of the U. S. In May 1935 the Supreme Court threw out that first Railway Pension Act along with NRA. Before the summer was out Congress tried again. The District of Columbia Supreme Court found the second law unconstitutional. So although the Social Security Act has been debated, passed and in force for a year, there...
...Association of American Railroads and the 21 standard brotherhoods and rail unions finally agreed on a way to take care of superannuated employes. Most important feature of this agreement between management and labor was that the railroads promised to drop their lawsuits so that when the third railroad pension law goes through Congress it will stick on the statute books. The roads were willing to do so because the new plan provides that 1) some $50,000,000 of taxes which are due under the second law will never be collected; 2) the taxes proposed under the new plan will...
...roads had something to be thankful for so did railroad workers. Compared to ordinary wage earners who will be pensioned under the Social Security Act, railroad labor would be considerably better off. Under the Social Security Act employers and employes are each taxed 1% on every salary up to $3,000 a year (a maximum of $30 a year) and the tax will increase gradually until each pays 3% in 1948. Under the railroad pension plan each would pay 2½% on every salary up to $300 a month (a maximum of $90 a year) and the tax will step...
...maximum railway pension will be $120 a month instead of $85 under the Social Security...
...under the Social Security Act, retirement age is 65. Railroaders would retire at any time after 30 years' service if physically or mentally disabled, or if in good health and having 30 years' service as early as 60 (sacrificing one-fifteenth of their pension for each year they retire before 65). Or they could even continue working after...