September 12, 1984
To the Congress of the United States:
I hereby submit to the Congress the Annual Report of the Railroad Retirement Board for fiscal year 1983, 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.
The Railroad Retirement Board informs me that, despite recent legislation, Railroad Sickness and Unemployment Insurance benefit payments continued to greatly exceed tax revenues in FY83 thereby requiring additional loans from the Railroad Retirement Account. The Railroad Sickness and Unemployment Insurance debt to the Railroad Retirement Account more than doubled in FY83 to a total debt of $575 million by the end of the year. Legislation will be needed before September 1985 -- when borrowing authority expires -- to ensure the restoration of the Railroad Sickness and Unemployment Insurance Account to financial balance and ensure the repayment of its debt to the rail pension fund. I urge the Congress to enact promptly my legislative proposal which would restore the solvency of the RSUI fund without imposing an undue burden on any party involved -- the general taxpayer, rail management, rail labor or the rail pension fund.
Ronald Reagan
The White House,
September 12, 1984.