June 28, 1983
To the Congress of the United States:
I hereby submit to the Congress the Annual Report of the Railroad Retirement Board for fiscal year 1982, pursuant to the provisions of Section 7(b)6 of the Railroad Retirement Act, enacted October 16, 1974, and Section 12(l) of the Railroad Unemployment Insurance Act, enacted June 25, 1938.
The Railroad Retirement Board informs me that despite major changes in railroad retirement negotiated by rail labor and management and enacted in the Omnibus Budget Reconciliation Act of 1981, the railroad retirement system faces a serious funding shortfall. In addition, the continuing decline of railroad employment has left the railroad unemployment and sickness system deeply in debt. Prompt legislative action is needed to resolve the serious financial problems facing these systems and assure continued payment of benefits.
Ronald Reagan
The White House,
June 28, 1983.