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Railroad Retirement Board Stability Act
S. 4965 To amend the Railroad Retirement Act of 1974 to establish a Railroad Retirement Board Administrative Account, and for other purposes.
Summary
- Establishes a Railroad Retirement Board Administrative Account in the Treasury to provide permanent funding for Board administrative expenses.
- Authorizes the Board to transfer funds from the Railroad Retirement Account, Social Security Equivalent Benefits Account, and Railroad Unemployment Insurance Administration Fund, subject to percentage limitations on annual transfers.
- Creates a Railroad Retirement Technology Fund within the Account with minimum funding of $10 million in fiscal year 2027 and $20 million annually in fiscal years 2028 through 2031 for modernizing legacy benefit processing systems.
- Requires the Government Accountability Office to submit a report within 10 months with recommendations for modernizing the Board's legacy computer systems, based on consultation with Board members, railroads, unions, and beneficiaries.
- Authorizes additional appropriations for the Account for unforeseen administrative needs starting in fiscal year 2027 and for legacy system modernization starting in fiscal year 2033.
- Requires a follow-up GAO report after fiscal year 2031 assessing the Board's progress on system modernization and estimating remaining modernization costs.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Cassidy, Bill [R-LA] (R-LA)
3 cosponsors
- Sen. Banks, Jim [R-IN] (R-IN)
- Sen. Kaine, Tim [D-VA] (D-VA)
- Sen. Sanders, Bernard [I-VT] (I-VT)
Money behind the sponsor
Top reported contributors to Bill Cassidy’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- ANDREESSEN HOROWITZ $59,100
- GENERAL ATLANTIC $37,700
- WELSH CARSON ANDERSON & STOWE $33,870
- OCHSNER HEALTH SYSTEM $33,250
- RA CAPITAL MANAGEMENT $30,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Bill Cassidy → · Outside spending →
Actions (5)
- Aug 4, 2026 Placed on Senate Legislative Calendar under General Orders. Calendar No. 540. · senate
- Aug 4, 2026 Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report. · senate
- Jul 30, 2026 Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably. · senate
- Jul 14, 2026 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. · senate
- Jul 14, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (2)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Committee action
What happened to this bill in committee — the meetings where it was considered and every recorded vote taken on it.
Meetings where this bill was on the agenda
Full text
IN THE SENATE OF THE UNITED STATES
July 14, 2026
Mr. Cassidy (for himself, Mr. Sanders, Mr. Banks, and Mr. Kaine) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
August 4, 2026
Reported by Mr. Cassidy, with an amendment [Strike out all after the enacting clause and insert the part printed in italic]
A BILL
To amend the Railroad Retirement Act of 1974 to establish a Railroad Retirement Board Administrative Account, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Railroad Retirement Board Stability Act of 2026”.
SEC. 2. RAILROAD RETIREMENT BOARD ADMINISTRATIVE ACCOUNT.
(a) In General.—Section 15(h) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(h)) is amended to read as follows: “(h) Railroad Retirement Board Administrative Account.— “(1) In general.—There is created within the Treasury an account known as the Railroad Retirement Board Administrative Account (in this subsection, referred to as the ‘Account’). All amounts within the Account are permanently and continuously available to the Board for purposes of administering this Act and the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.). “(2) Transfers and limitations.— “(A) Transfer authority.—Subject to subparagraph (B), the Board may transfer from the Railroad Retirement Account, the Social Security Equivalent Benefits Account, and the Railroad Unemployment Insurance Administration Fund amounts the Board determines to be necessary for the purposes described in paragraph (1). “(B) Limitations on amounts.— “(i) Fiscal years 2027 through 2031.—For fiscal years 2027 through 2031, the Board shall not transfer funds in a fiscal year to the Account in an amount that is greater than— “(I) the lesser of— “(aa) 1.25 percent of the total benefits paid under this Act and the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.) during the preceding fiscal year; or “(bb) 0.75 percent of the total amounts in the National Railroad Retirement Investment Trust as of the close of the preceding fiscal year; minus “(II) the unobligated amounts in the Account as of the close of the previous fiscal year. “(ii) Fiscal year 2032 and subsequent fiscal years.—For fiscal year 2032 and subsequent fiscal years, the Board shall not transfer funds in a fiscal year to the Account in an amount that is greater than— “(I) the lesser of— “(aa) 1.15 percent of the total benefits paid under this Act and the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.) during the preceding fiscal year; or “(bb) 0.75 percent of the total amounts in the National Railroad Retirement Investment Trust as of the close of the preceding fiscal year; minus “(II) the unobligated amounts in the Account as of the close of the previous fiscal year. “(C) Purpose limitations.—Amounts transferred to the Account from— “(i) the Social Security Equivalent Benefits Account may only be used to provide for the administrative expenses of the Board allocable to social security equivalent benefits under section 15A(c)(1); and “(ii) the Railroad Unemployment Insurance Administration Fund— “(I) may only be used for the administrative expenses of the Board allocable for administering the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.); and “(II) shall be subject to the same restrictions described in section 11(c) of such Act (45 U.S.C. 361(c)). “(3) Technology fund.— “(A) In general.—Within the Account, there is created a Railroad Retirement Technology Fund (in this subsection, referred to as the ‘Fund’). In addition to amounts otherwise available, the Board shall use amounts in the Fund to complete its modernization of legacy benefit processing systems. “(B) Transfers.—Of the amounts transferred to the Account under paragraph (2)(A), the Board shall transfer not less than the following amounts to the Fund: “(i) For fiscal year 2027, $10,000,000. “(ii) For each of fiscal years 2028 through 2031, $20,000,000. “(C) Availability.—Amounts transferred under this paragraph shall remain available to the Board to complete its modernization of legacy benefit processing systems through fiscal year 2032. On the last day of fiscal year 2032, the Board shall transfer any unobligated amounts remaining in the Fund to the Account. “(4) Additional amounts.—In addition to amounts transferred under paragraph (2)(A) or amounts otherwise available, there is authorized to be appropriated to the Account from the Railroad Retirement Account, the Social Security Equivalent Benefits Account, and the Railroad Unemployment Insurance Administration Fund— “(A) for fiscal year 2027 and subsequent fiscal years, for any additional administrative expenses of the Board with respect to unforeseen needs relating to processing claims for benefits, such sums as are necessary; and “(B) for fiscal year 2033 and subsequent fiscal years, for modernization of the Board’s legacy benefit processing systems, such sums as are necessary.”. (b) Conforming Amendments.— (1) Railroad retirement act.—The Railroad Retirement Act of 1974 (45 U.S.C. 231 et seq.) is amended— (A) in section 15(a), by inserting “to transfer to the Railroad Retirement Board Administrative Account established under subsection
(h)” before “to provide for expenses”; and (B) in section 15A(c), by striking “to provide” and inserting “to transfer to the Railroad Retirement Board Administrative Account established under section 15(h)”. (2) Railroad unemployment insurance act.—Section 11(c) of the Railroad Unemployment Insurance Act (45 U.S.C. 361(c)) is amended— (A) by striking “Notwithstanding” and inserting “Subject to section 15(h) of the Railroad Retirement Act of 1974 (45 U.S.C. 231(h)) and notwithstanding”; and (B) by inserting “for transferring to the Railroad Retirement Board Administrative Account established under section 15(h) of the Railroad Retirement Act of 1974 (45 U.S.C. 231(h))” before “for any expenses necessary”. (c) Savings Clause.—Nothing in this section shall be construed as changing any requirement in law for the Railroad Retirement Board to submit any annual budget estimate, request, or other budget information to Congress, the President, the Office of Management and Budget, or any other Federal agency.
SEC. 3. GAO REPORTS ON INFORMATION TECHNOLOGY MODERNIZATION EFFORTS.
(a) Initial Report.— (1) In general.—Not later 10 months after the date of enactment of this Act, the Comptroller General of the United States (in this section, referred to as the “Comptroller General”) shall submit to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report with recommendations for legislation and administrative action on ways to modernize the legacy benefit processing systems used by the Railroad Retirement Board (in this section, referred to as the “Board”). (2) Content of the report.—In completing the report described in paragraph (1), the Comptroller General shall— (A) consider— (i) experience and lessons learned from other Federal agencies’ modernization of their information technology systems, focusing on such agencies that have upgraded information technology systems that use the Common Business-Oriented Language (commonly referred to as “COBOL”) programming language; and (ii) best practices that the Comptroller General identifies for Federal agency information technology modernization efforts; and (B) identify resources, technical assistance, and other forms of support available from other Federal agencies for the Board to carry out the modernization of the Board’s legacy benefit processing systems. (b) Stakeholders To Consult.—In carrying out subsection
(a), the Comptroller General shall consult the following stakeholders: (1) Each of the 3 members of the Board. (2) The Chief Information Officer of the Board. (3) Representatives of each of the Class I railroads, as defined in section 20102 of title 49, United States Code. (4) Representatives of not less than 2 Class II or Class III railroads, as defined in such section. (5) Representatives of each rail union that represents rail workers who are eligible for benefits under the Railroad Retirement Act and Railroad Unemployment Insurance Act. (6) Retirees and other beneficiaries that currently receive benefits from the Board. (c) Follow-Up Report.—Not later than 6 months after the end of fiscal year 2031, the Comptroller General shall submit a follow- up report to the report described in subsection (a), which shall include information regarding— (1) to what extent the Board followed the recommendations and best practices of the report described in subsection (a); (2) how effectively the Board complied with its own internal project plans and milestones for completing the modernization of its legacy benefit processing systems; (3) areas, if any, where the Board failed to modernize its legacy benefit processing systems; and (4) the estimated remaining cost for completing the modernization of the Board’s legacy benefit processing systems, if any.
SECTION 1. SHORT TITLE.
This Act may be cited as the “Railroad Retirement Board Stability Act”.
SEC. 2. RAILROAD RETIREMENT BOARD ADMINISTRATIVE ACCOUNT.
(a) In General.—Section 15(h) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(h)) is amended to read as follows:
“(h) Railroad Retirement Board Administrative Account.—
“(1) In general.—There is created within the Treasury an account known as the Railroad Retirement Board Administrative Account (in this subsection, referred to as the ‘Account’). All amounts within the Account are permanently and continuously available to the Board for purposes of administering this Act and the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.).
“(2) Transfers and limitations.—
“(A) Transfer authority.—Subject to subparagraph
(B), the Board may transfer from the Railroad Retirement Account, the Social Security Equivalent Benefits Account, and the Railroad Unemployment Insurance Administration Fund amounts the Board determines to be necessary for the purposes described in paragraph (1).
“(B) Limitations on amounts.—
“(i) Fiscal years 2027 through 2031.—For fiscal years 2027 through 2031, the Board shall not transfer funds in a fiscal year to the Account in an amount that is greater than—
“(I) the lesser of— “(aa) 1.25 percent of the total benefits paid under this Act and the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.) during the preceding fiscal year; or “(bb) 0.75 percent of the total amounts in the National Railroad Retirement Investment Trust as of the close of the preceding fiscal year; minus
“(II) the unobligated amounts in the Account as of the close of the previous fiscal year.
“(ii) Fiscal year 2032 and subsequent fiscal years.—For fiscal year 2032 and subsequent fiscal years, the Board shall not transfer funds in a fiscal year to the Account in an amount that is greater than—
“(I) the lesser of— “(aa) 1.15 percent of the total benefits paid under this Act and the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.) during the preceding fiscal year; or “(bb) 0.75 percent of the total amounts in the National Railroad Retirement Investment Trust as of the close of the preceding fiscal year; minus
“(II) the unobligated amounts in the Account as of the close of the previous fiscal year.
“(C) Purpose limitations.—Amounts transferred to the Account from—
“(i) the Social Security Equivalent Benefits Account may only be used to provide for the administrative expenses of the Board allocable to social security equivalent benefits under section 15A(c)(1); and
“(ii) the Railroad Unemployment Insurance Administration Fund—
“(I) may only be used for the administrative expenses of the Board allocable for administering the Railroad Unemployment Insurance Act (45 U.S.C. 351 et seq.); and
“(II) shall be subject to the same restrictions described in section 11(c) of such Act (45 U.S.C. 361(c)).
“(3) Technology fund.—
“(A) In general.—Within the Account, there is created a Railroad Retirement Technology Fund (in this subsection, referred to as the ‘Fund’). In addition to amounts otherwise available, the Board shall use amounts in the Fund to complete its modernization of legacy benefit processing systems.
“(B) Transfers.—Of the amounts transferred to the Account under paragraph (2)(A), the Board shall transfer not less than the following amounts to the Fund:
“(i) For fiscal year 2027, $10,000,000.
“(ii) For each of fiscal years 2028 through 2031, $20,000,000.
“(C) Availability.—Amounts transferred under this paragraph shall remain available to the Board to complete its modernization of legacy benefit processing systems through fiscal year 2032. On the last day of fiscal year 2032, the Board shall transfer any unobligated amounts remaining in the Fund to the Account.
“(4) Additional amounts.—In addition to amounts transferred under paragraph (2)(A) or amounts otherwise available, there is authorized to be appropriated to the Account from the Railroad Retirement Account, the Social Security Equivalent Benefits Account, and the Railroad Unemployment Insurance Administration Fund—
“(A) for fiscal year 2027 and subsequent fiscal years, for any additional administrative expenses of the Board with respect to unforeseen needs relating to processing claims for benefits, such sums as are necessary; and
“(B) for fiscal year 2033 and subsequent fiscal years, for modernization of the Board’s legacy benefit processing systems, such sums as are necessary.”.
(b) Conforming Amendments.—
(1) Railroad retirement act.—The Railroad Retirement Act of 1974 (45 U.S.C. 231 et seq.) is amended—
(A) in section 15(a), by inserting “to transfer to the Railroad Retirement Board Administrative Account established under subsection (h)” before “to provide for expenses”; and
(B) in section 15A(c), by striking “to provide” and inserting “to transfer to the Railroad Retirement Board Administrative Account established under section 15(h)”.
(2) Railroad unemployment insurance act.—Section 11(c) of the Railroad Unemployment Insurance Act (45 U.S.C. 361(c)) is amended—
(A) by striking “Notwithstanding” and inserting “Subject to section 15(h) of the Railroad Retirement Act of 1974 (45 U.S.C. 231(h)) and notwithstanding”; and
(B) by inserting “for transferring to the Railroad Retirement Board Administrative Account established under section 15(h) of the Railroad Retirement Act of 1974 (45 U.S.C. 231(h))” before “for any expenses necessary”.
(c) Savings Clause.—Nothing in this section shall be construed as changing any requirement in law for the Railroad Retirement Board to submit any annual budget estimate, request, or other budget information to Congress, the President, the Office of Management and Budget, or any other Federal agency.
SEC. 3. GAO REPORTS ON INFORMATION TECHNOLOGY MODERNIZATION EFFORTS.
(a) Initial Report.—
(1) In general.—Not later 10 months after the date of enactment of this Act, the Comptroller General of the United States (in this section, referred to as the “Comptroller General”) shall submit to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report with recommendations for legislation and administrative action on ways to modernize the legacy benefit processing systems used by the Railroad Retirement Board (in this section, referred to as the “Board”).
(2) Content of the report.—In completing the report described in paragraph (1), the Comptroller General shall—
(A) consider—
(i) experience and lessons learned from other Federal agencies’ modernization of their information technology systems, focusing on such agencies that have upgraded information technology systems that use the Common Business-Oriented Language (commonly referred to as “COBOL”) programming language; and
(ii) best practices that the Comptroller General identifies for Federal agency information technology modernization efforts; and
(B) identify resources, technical assistance, and other forms of support available from other Federal agencies for the Board to carry out the modernization of the Board’s legacy benefit processing systems.
(b) Stakeholders To Consult.—In carrying out subsection (a), the Comptroller General shall consult the following stakeholders:
(1) Each of the 3 members of the Board.
(2) The Chief Information Officer of the Board.
(3) Representatives of each of the Class I railroads, as defined in section 20102 of title 49, United States Code.
(4) Representatives of not less than 2 Class II or Class III railroads, as defined in such section.
(5) Representatives of each rail union that represents rail workers who are eligible for benefits under the Railroad Retirement Act and Railroad Unemployment Insurance Act.
(6) Retirees and other beneficiaries that currently receive benefits from the Board.
(c) Follow-up Report.—Not later than 6 months after the end of fiscal year 2031, the Comptroller General shall submit a follow-up report to the report described in subsection (a), which shall include information regarding—
(1) to what extent the Board followed the recommendations and best practices of the report described in subsection (a);
(2) how effectively the Board complied with its own internal project plans and milestones for completing the modernization of its legacy benefit processing systems;
(3) areas, if any, where the Board failed to modernize its legacy benefit processing systems; and
(4) the estimated remaining cost for completing the modernization of the Board’s legacy benefit processing systems, if any.
SEC. 4. PENSION PAYMENT ACCELERATION.
Notwithstanding section 4007(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1307(a)) and section 4007.11 of title 29, Code of Federal Regulations, for plan years commencing after December 31, 2035, and before January 1, 2037, the premium due date applicable to single employer plans for such plan years shall be the fifteenth day of the ninth calendar month that begins on or after the first day of the premium payment year. Calendar No. 540
119th CONGRESS
2d Session
S. 4965
A BILL
To amend the Railroad Retirement Act of 1974 to establish a Railroad Retirement Board Administrative Account, and for other purposes.
August 4, 2026
Reported with an amendment
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