October 9, 1985
To the Congress of the United States:
I hereby submit to the Congress the Annual Report of the Railroad Retirement Board for Fiscal Year 1984, pursuant to the provisions of Section 7(b) 6 of the Railroad Retirement Act, enacted October 16, 1974, and Section 12(1) of the Railroad Unemployment Insurance Act, enacted June 25, 1938.
Railroad Retirement Board actuaries inform me that, while the Railroad Retirement Solvency Act of 1983 has removed immediate cash-flow problems threatening the rail pension fund, ``the long-term stability of the railroad retirement system is still questionable.'' Despite the 1983 legislation, the rail sector unemployment fund is insolvent and currently owes some $700 million to the rail pension fund. Extending Federal/State unemployment insurance coverage to rail employment, as proposed, would provide comprehensive, soundly financed unemployment insurance coverage for rail workers, and would ensure that rail pensioners' assets are protected and all debts to the rail pension are repaid.
Ronald Reagan
The White House,
October 9, 1985.
Note: The report was entitled ``Railroad Retirement Board, 1984 Annual Report for the Year Ending September 30.''