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Answers are provided by Robert S. Kaufman
Value of Railroad Retirement Contributions
(Posted November 17, 2004)
Question 529: I am in the process of a mortgage loan; the lender wants information about my retirement plan. Is there a statement I can get that gives my current balance?
Answer: Unlike retirement plans such as a 401(k) or a cash balance pension, Railroad Retirement benefits do not have a monetary value assigned to them. Individual accounts are not maintained.
Your future benefits are based on your earnings and the amount of rail service; they are not directly related to the contributions you make from your paychecks.
You can ask the Railroad Retirement Board (RRB) for an estimate of the size of the benefit you are expected to receive at retirement age (based on your pay, service and contributions to date), and how much you have paid in. Although IRS collects the payroll taxes, the RRB should be able to give you a fairly accurate record of your payments.
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to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the
law to the particular facts of this and similar situations.
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