Railroad Retirement

System

Annual Report Required by Railroad

Retirement Act of 1974 and Railroad

Retirement Solvency Act of 1983

U.S. Railroad Retirement Board

Bureau of the Actuary

June 2014
ANNUAL ACTUARIAL REPORT REQUIRED BY

RAILROAD RETIREMENT ACT OF 1974 AND

RAILROAD RETIREMENT SOLVENCY ACT OF 1983

I. INTRODUCTION

Section 22 of the Railroad Retirement Act of 1974 requires the Railroad Retirement 

Board to prepare an annual report containing a five-year projection of revenues to and 

payments from the Railroad Retirement Account and to submit the report to the President 

and the Congress by July 1. The report must also contain a five-year projection of the 

account benefits ratio and average account benefits ratio. If the five-year projection 

indicates that funds in the Railroad Retirement Account will be insufficient to pay full 

benefits, (1) representatives of railroad employees, railroad carriers and the President 

must submit proposals to the Congress to preserve the financial solvency of the Railroad 

Retirement Account, and (2) the Railroad Retirement Board must issue regulations to 

reduce annuity levels during any fiscal year in which there would be insufficient funds to 

make full payments.

Section 502 of the Railroad Retirement Solvency Act of 1983 requires the Railroad 

Retirement Board to prepare an annual report on the actuarial status of the railroad 

retirement system and to submit the report to the Congress by July 1. The report must 

contain recommendations for any financing changes which might be advisable, including 

(1) changes in the tax rates, and (2) whether any part of the taxes on employers should be 

diverted to the Railroad Unemployment Insurance Account to aid in the repayment of its 

debt to the Railroad Retirement Account.

This report is intended to meet the requirements of Section 22 and Section 502 for 2014.

II. RAILROAD EMPLOYMENT

Over the years, the main source of income to the railroad retirement system has been a 

payroll tax on railroad employment. The amount of income that the tax produces is 

directly dependent on the number of railroad employees covered under the system.

An abbreviated history of average railroad employment from 1955 through 2010 is 

shown in the following table.

Average annual rate of decline

 Average employment for the 5-year period

Year for year ending with the year

1955 1,239,000

1960 909,000 6.0%

1965 753,000 3.7
2

1970 640,000 3.2

1975 548,000 3.1

1980 532,000 0.6

1985 372,000 6.9

1990 296,000 4.5

1995 265,000 2.2

2000 246,000 1.5

2005 232,000 1.2

2010 221,000 1.0

Between 1955 and 2010, the average annual rate of decline was 3.1 percent. Since 2010, 

average employment and rates of decline have been as follows:

 Average employment Annual rate of decline

Year for year from previous year

2011 229,000 -3.6%

2012 234,000 -2.2%

2013 236,000 -0.9%

Two things become clear from the figures shown -- (1) railroad employment generally

declined over a long period of years, and (2) the rate of decline has been irregular.

Three employment assumptions were used in the 25th actuarial valuation, which served as 

the 2012 annual report required by Section 502. Employment assumptions I and II were 

based on a model developed by the Association of American Railroads, and assumed that 

(1) passenger employment would remain at the level of 45,000, and (2) the employment 

base, excluding passenger employment, would decline at a constant annual rate (0.5

percent for assumption I and 2.0 percent for assumption II) for 25 years, at a reducing 

rate over the next 25 years, and remain level thereafter. Employment assumption III 

differed from employment assumptions I and II by assuming that (1) passenger 

employment would decline by 500 per year until a level of 35,000 was reached and then 

remain level, and (2) the employment base, excluding passenger employment, would 

decline at a constant annual rate of 3.5 percent for 25 years, at a reducing rate over the 

next 25 years, and remain level thereafter.

The 2013 annual report continued the use of the three employment assumptions, updating 

them as to current employment levels.

The projected average employment for 2013, based on the three employment assumptions 

used in the 2013 report, ranged from 227,000 to 233,000. The actual average

employment for 2013 was 236,000 (subject to later adjustment), which was above the 

range of projected amounts. Passenger employment at the end of calendar year 2013 was 

estimated to be 46,000. Based on this result, it was decided to use 2013 average 

employment of 236,000 as a starting point in this year's report and continue the use of the 
3

rates of decline used in the 25th valuation. In this year’s report, for employment 

assumptions I and II, passenger employment is assumed to remain level at 46,000. For 

employment assumption III, passenger employment is assumed to decline by 500 per 

year until a level of 35,000 is reached and then remain level. These assumptions are 

shown in Table 1.

III. RESULTS

Projections were made for the various components of income and outgo under each 

employment assumption for the 25 calendar years 2014-2038. The projections of these 

components were combined and the investment income calculated to produce the 

projected balances in the accounts at the end of each projection year. The results are 

summarized in Table 2 and Figure 1.

Table 2 consists of three tables, one for each of employment assumptions I, II and III. 

The tables show, for the Social Security Equivalent Benefit Account (SSEBA) and the 

combined National Railroad Retirement Investment Trust (NRRIT) and Railroad 

Retirement Account (RRA), for each projection year, (1) the various elements of income 

and outgo, (2) the account balance on December 31, and (3) the account benefits ratio 

(ABR) and average account benefits ratio (AABR). 1

Table 2 indicates that cash flow problems do not arise during the projection period under 

any of the three employment assumptions. The results shown in Table 2 will be 

discussed separately for the SSEBA and the combined NRRIT and RRA.

A. Social Security Equivalent Benefit Account

The SSEBA pays the social security level of benefits and administrative expenses 

allocable to those benefits, and it receives as income the social security level of taxes. 

The SSEBA also receives or pays the financial interchange transfers between the railroad 

retirement and social security systems. The financial interchange transfer, subject to the 

qualification in the next paragraph, should be enough to offset any surplus or deficit for 

the year. The SSEBA can thus be regarded as automatically funded, the financial 

interchange being the mechanism for correcting any surplus or deficiency.

The qualification mentioned in the preceding paragraph arises because, in a relatively 

small number of cases, the railroad retirement system does not pay benefits when the 

social security system would. In these cases, mainly dependent children of retired 

1 At the end of each fiscal year (September 30), the Account Benefits Ratio (ABR) is calculated by dividing 

the fair market value of the assets in the RRA and the NRRIT as of the close of such fiscal year by the total 

benefits and administrative expenses paid from the RRA and the NRRIT during such fiscal year. The 

Average Account Benefits Ratio (AABR), with respect to any calendar year, is the average of the account 

benefits ratios for the 10 most recent fiscal years ending before such calendar year. If the AABR is not a 

multiple of 0.1, it is increased to the next highest multiple of 0.1. The tier 2 tax rate is determined from a 

tax rate table based on the AABR.

 
4

railroad employees, the SSEBA collects an amount through the financial interchange but 

does not pay a corresponding benefit. This imbalance between outgo and income is small 

in any particular year.

The SSEBA must from time to time transfer to the NRRIT or RRA amounts not needed 

to pay current benefits and administrative expenses in such a manner as to maximize 

investment return to the Railroad Retirement system.

The SSEBA is assumed to maintain a target balance of approximately 1.5 months of 

benefit payments in order to meet benefit obligations and contingencies, and transfer any 

excess to the NRRIT/RRA. However, if the NRRIT/RRA runs into cash flow problems, 

the SSEBA is assumed to transfer enough of its accumulated funds to the NRRIT/RRA to 

provide for benefit payments until the SSEBA is exhausted. Thereafter, the SSEBA is 

assumed to transfer to the NRRIT/RRA any excess of income over outgo, maintaining a 

zero balance.

B. Railroad Retirement Account and National Railroad Retirement Investment Trust

The RRA receives tier 2 payroll taxes and income taxes on tier 2 and excess tier 1 

benefits. Tier 2 benefits, excess tier 1 benefits, supplemental annuity benefits and 

administrative expenses are paid from the RRA. The NRRIT receives funds from the 

RRA and SSEBA for investment, pays investment expenses, and transfers funds to the 

RRA to meet benefit obligations.

The tier 2 payroll tax rate is determined from a tax rate table based on the AABR. The 

combined employer and employee tier 2 tax rate is 18% for values of the AABR between 

4.0 and 6.0, inclusive. A maximum rate of 27% is reached when the AABR falls below 

2.5, and a minimum rate of 8.2% is reached when the AABR reaches 9.0. Since the 

AABR is a 10-year average of the ABR’s, whether the AABR in a given year increases 

or decreases from the prior year depends solely on whether the ABR in the prior year is 

greater or less than the ABR 10 years earlier.

Under employment assumption I (Table 2-I), the combined NRRIT and RRA balance 

generally increases throughout the projection period. The combined employer and 

employee tier 2 tax rate increases to 18% in 2015 and remains at that level.

Under employment assumption II (Table 2-II), the combined NRRIT and RRA balance 

declines through 2025 and then grows through the end of the projection period. The 

combined employer and employee tier 2 tax rate increases to 19% in 2034-2038.

Under employment assumption III (Table 2-III), the combined NRRIT and RRA balance 

declines through the end of the projection period. The combined employer and employee 

tier 2 tax rate increases to 27% in 2036. Despite the 27% tax rate, expenditures continue 

to exceed income at the end of the projection period and the ABR falls to a level of 1.08.
5

C. Analysis of Results

Under each employment assumption, no cash flow problems occur throughout the 25-

year projection period, and the ABR remains above 0.5 in each year.

The overall conclusion is that, barring a sudden, unanticipated, large decrease in railroad 

employment or substantial investment losses, the railroad retirement system will 

experience no cash flow problems during the next 25 years. The long-term stability of 

the system, however, is still uncertain. Under the current financing structure, actual 

levels of railroad employment and investment return over the coming years will largely 

determine whether corrective action is necessary.

D. Comparison of Results with 2013 Report

The projected tier 2 tax rates for each calendar year are either the same or lower than in 

last year’s report. The projected combined account balances are higher at the end of each 

year. 

The favorable comparison with last year was due to overall favorable economic and 

employment experience, with the largest impacts resulting from employment exceeding 

our projections and actual investment return of approximately 16.0% exceeding the 

expected investment return of 7.0% in calendar year 2013.

IV. RECOMMENDATIONS

As stated in the introduction, this report must contain recommendations with regard to 

(1) tax rates and (2) whether any part of the taxes on employers should be diverted to the 

Railroad Unemployment Insurance Account to aid in the repayment of any debt to the 

Railroad Retirement Account.

A. Tax Rates

This report recommends no change in the rate of tax imposed on employers and 

employees. The tax adjustment mechanism will automatically increase or decrease tax 

rates in response to changes in fund balance. Even under a pessimistic employment 

assumption, this mechanism is expected to prevent cash flow problems for at least 25

years.
6

B. Diversion of Taxes to Railroad Unemployment Insurance Account

No diversion of taxes from the Railroad Retirement Account to the Railroad 

Unemployment Insurance Account is recommended at this time. There are currently no

loans outstanding from the Railroad Retirement Account to the Railroad Unemployment 

Insurance Account.
Table 1. Employment, inflation and investment return assumptions

Percentage increase

Calendar Average employment (thousands) over prior year Investment

year I II III Earnings Cost of living return

2013 236 236 236 3.2% 1.7% 16.0% 

2014 235 232 229 3.8 1.5 7.0 

2015 234 228 222 3.8 1.7 7.0 

2016 233 225 215 3.8 2.2 7.0 

2017 232 221 209 3.8 2.8 7.0 

2018 231 218 202 3.8 2.8 7.0 

2019 230 214 196 3.8 2.8 7.0 

2020 229 211 190 3.8 2.8 7.0 

2021 228 208 185 3.8 2.8 7.0 

2022 228 204 179 3.8 2.8 7.0 

2023 227 201 174 3.8 2.8 7.0 

2024 226 198 169 3.8 2.8 7.0 

2025 225 195 164 3.8 2.8 7.0 

2026 224 192 159 3.8 2.8 7.0 

2027 223 189 154 3.8 2.8 7.0 

2028 222 186 150 3.8 2.8 7.0 

2029 221 183 145 3.8 2.8 7.0 

2030 220 181 141 3.8 2.8 7.0 

2031 220 178 137 3.8 2.8 7.0 

2032 219 175 133 3.8 2.8 7.0 

2033 218 173 129 3.8 2.8 7.0 

2034 217 170 125 3.8 2.8 7.0 

2035 216 168 122 3.8 2.8 7.0 

2036 215 165 119 3.8 2.8 7.0 

2037 214 163 116 3.8 2.8 7.0 

2038 214 161 113 3.8 2.8 7.0 
Table 2-I. Progress of the Combined National Railroad Retirement Investment Trust (NRRIT) and Railroad Retirement Account (RRA), and

Social Security Equivalent Benefit Account (SSEBA) under Employment Assumption I

(Dollar amounts in millions)

Average Combined NRRIT and RRA SSEBA

Account account Tier 2 Benefits Benefits Other Combined

Calendar benefits benefits tax and admin- Tax Other Balance, and admin- Tax income and Balance, balance,

year ratioa ratiobrate istration incomec incomed end year istration incomec expensee end year end year

2014 5.16 6.20 17.0% $5,260 $3,248 $2,035 $26,727 $6,967 $3,103 $3,799 $867 $27,594

2015 5.01 6.00 18.0% 5,415 3,544 1,904 26,760 7,140 3,235 3,927 888 27,648

2016 4.88 5.80 18.0% 5,556 3,668 1,904 26,775 7,354 3,370 4,011 915 27,690

2017 4.75 5.50 18.0% 5,686 3,795 1,803 26,686 7,619 3,512 3,903 712 27,398

2018 4.64 5.20 18.0% 5,798 3,925 1,797 26,611 7,884 3,661 4,344 833 27,444

2019 4.56 5.00 18.0% 5,893 4,059 1,793 26,570 8,138 3,817 4,454 966 27,536

2020 4.51 5.00 18.0% 5,972 4,197 1,861 26,656 8,377 3,979 4,474 1,042 27,698

2021 4.47 4.90 18.0% 6,034 4,340 1,802 26,764 8,603 4,148 4,425 1,012 27,776

2022 4.48 4.90 18.0% 6,084 4,487 1,881 27,048 8,811 4,322 4,572 1,096 28,144

2023 4.52 4.80 18.0% 6,133 4,637 1,972 27,525 9,004 4,501 4,528 1,120 28,645

2024 4.57 4.70 18.0% 6,187 4,791 2,014 28,143 9,187 4,682 4,528 1,143 29,286

2025 4.63 4.70 18.0% 6,246 4,947 1,951 28,794 9,368 4,837 4,553 1,165 29,959

2026 4.73 4.70 18.0% 6,306 5,107 2,117 29,712 9,550 4,996 4,577 1,187 30,899

2027 4.84 4.60 18.0% 6,373 5,271 2,188 30,798 9,734 5,158 4,599 1,210 32,008

2028 4.97 4.60 18.0% 6,459 5,438 2,270 32,047 9,925 5,322 4,626 1,234 33,281

2029 5.11 4.70 18.0% 6,563 5,609 2,363 33,455 10,121 5,488 4,657 1,258 34,713

2030 5.25 4.70 18.0% 6,676 5,786 2,466 35,032 10,325 5,661 4,689 1,283 36,315

2031 5.41 4.80 18.0% 6,797 5,969 2,542 36,747 10,539 5,839 4,726 1,310 38,057

2032 5.59 4.90 18.0% 6,913 6,159 2,706 38,699 10,769 6,025 4,773 1,338 40,037

2033 5.81 5.00 18.0% 7,020 6,355 2,848 40,883 11,021 6,220 4,833 1,369 42,252

2034 6.04 5.10 18.0% 7,150 6,558 3,007 43,298 11,282 6,420 4,895 1,402 44,700

2035 6.27 5.30 18.0% 7,318 6,766 3,182 45,928 11,547 6,624 4,956 1,435 47,363

2036 6.49 5.50 18.0% 7,497 6,982 3,365 48,778 11,827 6,836 5,025 1,469 50,247

2037 6.74 5.60 18.0% 7,684 7,208 3,574 51,876 12,125 7,058 5,103 1,506 53,382

2038 6.98 5.80 18.0% 7,892 7,441 3,796 55,221 12,436 7,288 5,187 1,545 56,766

 

a

 The fair market value of the assets in the RRA and NRRIT as of the close of the fiscal year (September 30) divided by the total benefits and administrative expenses

 paid from the RRA and NRRIT during the fiscal year.

 

b

 The average of the account benefits ratios for the 10 most recent fiscal years ending before the calendar year.

 

c

 Includes payroll taxes and income taxes on benefits.

 

d

 Includes investment income and transfers from the SSEBA.

 

e

 Other income includes financial interchange income, advances from general revenues, and interest income. Other expense includes repayment of advances 

 from general revenues and transfers to the NRRIT or RRA.
Table 2-II. Progress of the Combined National Railroad Retirement Investment Trust (NRRIT) and Railroad Retirement Account (RRA), and

Social Security Equivalent Benefit Account (SSEBA) under Employment Assumption II

(Dollar amounts in millions)

Average Combined NRRIT and RRA SSEBA

Account account Tier 2 Benefits Benefits Other Combined

Calendar benefits benefits tax and admin- Tax Other Balance, and admin- Tax income and Balance, balance,

year ratioa ratiobrate istration incomec incomed end year istration incomec expensee end year end year

2014 5.16 6.20 17.0% $5,260 $3,229 $2,034 $26,707 $6,967 $3,085 $3,817 $867 $27,574

2015 5.00 6.00 18.0% 5,414 3,487 1,900 26,679 7,140 3,185 3,977 888 27,567

2016 4.85 5.80 18.0% 5,556 3,573 1,895 26,591 7,354 3,286 4,095 915 27,506

2017 4.70 5.50 18.0% 5,686 3,660 1,785 26,350 7,619 3,393 4,023 712 27,062

2018 4.56 5.20 18.0% 5,797 3,748 1,767 26,068 7,884 3,504 4,501 833 26,901

2019 4.43 5.00 18.0% 5,891 3,836 1,747 25,760 8,138 3,618 4,652 966 26,726

2020 4.33 4.90 18.0% 5,969 3,926 1,794 25,511 8,377 3,737 4,717 1,042 26,553

2021 4.23 4.80 18.0% 6,030 4,018 1,710 25,208 8,601 3,859 4,713 1,012 26,220

2022 4.16 4.80 18.0% 6,079 4,111 1,758 24,998 8,809 3,983 4,909 1,096 26,094

2023 4.11 4.70 18.0% 6,126 4,204 1,813 24,889 9,001 4,110 4,915 1,119 26,008

2024 4.06 4.60 18.0% 6,179 4,298 1,812 24,820 9,181 4,236 4,968 1,142 25,962

2025 4.00 4.50 18.0% 6,235 4,392 1,698 24,675 9,359 4,333 5,047 1,164 25,839

2026 3.97 4.40 18.0% 6,292 4,486 1,807 24,676 9,535 4,431 5,126 1,186 25,862

2027 3.93 4.30 18.0% 6,355 4,581 1,811 24,713 9,713 4,529 5,206 1,208 25,921

2028 3.90 4.20 18.0% 6,435 4,677 1,817 24,771 9,896 4,626 5,292 1,230 26,001

2029 3.85 4.20 18.0% 6,533 4,772 1,823 24,833 10,082 4,723 5,383 1,253 26,086

2030 3.80 4.10 18.0% 6,640 4,871 1,830 24,895 10,273 4,821 5,475 1,277 26,172

2031 3.74 4.10 18.0% 6,752 4,972 1,798 24,913 10,472 4,922 5,574 1,301 26,214

2032 3.69 4.00 18.0% 6,858 5,075 1,840 24,970 10,684 5,026 5,685 1,328 26,298

2033 3.65 4.00 18.0% 6,954 5,182 1,846 25,043 10,915 5,135 5,808 1,356 26,399

2034 3.63 3.90 19.0% 7,070 5,558 1,864 25,396 11,150 5,246 5,933 1,385 26,781

2035 3.61 3.90 19.0% 7,221 5,674 1,892 25,741 11,383 5,356 6,056 1,414 27,155

2036 3.58 3.80 19.0% 7,379 5,793 1,912 26,067 11,627 5,470 6,187 1,444 27,511

2037 3.55 3.80 19.0% 7,542 5,918 1,942 26,385 11,883 5,590 6,325 1,476 27,861

2038 3.50 3.70 19.0% 7,722 6,047 1,966 26,677 12,146 5,712 6,467 1,508 28,185

 

a

 The fair market value of the assets in the RRA and NRRIT as of the close of the fiscal year (September 30) divided by the total benefits and administrative expenses

 paid from the RRA and NRRIT during the fiscal year.

 

b

 The average of the account benefits ratios for the 10 most recent fiscal years ending before the calendar year.

 

c

 Includes payroll taxes and income taxes on benefits.

 

d

 Includes investment income and transfers from the SSEBA.

 

e

 Other income includes financial interchange income, advances from general revenues, and interest income. Other expense includes repayment of advances 

 from general revenues and transfers to the NRRIT or RRA.
Table 2-III. Progress of the Combined National Railroad Retirement Investment Trust (NRRIT) and Railroad Retirement Account (RRA), and

Social Security Equivalent Benefit Account (SSEBA) under Employment Assumption III

(Dollar amounts in millions)

Average Combined NRRIT and RRA SSEBA

Account account Tier 2 Benefits Benefits Other Combined

Calendar benefits benefits tax and admin- Tax Other Balance, and admin- Tax income and Balance, balance,

year ratioa ratiobrate istration incomec incomed end year istration incomec expensee end year end year

2014 5.15 6.20 17.0% $5,260 $3,207 $2,033 $26,684 $6,967 $3,065 $3,838 $867 $27,551

2015 4.98 6.00 18.0% 5,414 3,421 1,896 26,586 7,140 3,127 4,035 888 27,474

2016 4.82 5.80 18.0% 5,556 3,465 1,884 26,379 7,354 3,190 4,190 915 27,294

2017 4.64 5.50 18.0% 5,685 3,507 1,764 25,966 7,619 3,258 4,158 711 26,677

2018 4.46 5.20 18.0% 5,795 3,548 1,733 25,451 7,884 3,326 4,679 833 26,284

2019 4.29 5.00 18.0% 5,889 3,588 1,695 24,844 8,137 3,396 4,874 965 25,809

2020 4.13 4.90 18.0% 5,966 3,627 1,718 24,223 8,376 3,468 4,984 1,042 25,265

2021 3.96 4.80 18.0% 6,026 3,666 1,606 23,469 8,600 3,542 5,028 1,012 24,481

2022 3.81 4.70 18.0% 6,074 3,704 1,621 22,720 8,806 3,616 5,274 1,095 23,815

2023 3.66 4.60 18.0% 6,119 3,740 1,636 21,978 8,997 3,690 5,331 1,119 23,097

2024 3.50 4.40 18.0% 6,169 3,775 1,589 21,173 9,175 3,762 5,435 1,141 22,314

2025 3.32 4.30 18.0% 6,222 3,808 1,421 20,180 9,348 3,803 5,566 1,162 21,342

2026 3.14 4.10 18.0% 6,276 3,840 1,468 19,212 9,519 3,842 5,698 1,184 20,396

2027 2.97 3.90 19.0% 6,334 4,062 1,410 18,349 9,690 3,880 5,831 1,205 19,554

2028 2.79 3.80 19.0% 6,410 4,091 1,350 17,381 9,864 3,914 5,971 1,226 18,607

2029 2.59 3.60 19.0% 6,503 4,119 1,283 16,281 10,039 3,946 6,115 1,248 17,529

2030 2.39 3.40 20.0% 6,602 4,343 1,214 15,235 10,215 3,977 6,260 1,270 16,505

2031 2.17 3.30 20.0% 6,707 4,373 1,101 14,002 10,397 4,008 6,412 1,292 15,294

2032 1.95 3.10 20.0% 6,804 4,402 1,053 12,653 10,591 4,039 6,575 1,316 13,969

2033 1.78 2.90 23.0% 6,889 5,028 981 11,773 10,799 4,073 6,751 1,342 13,115

2034 1.62 2.70 23.0% 6,994 5,061 920 10,760 11,007 4,106 6,926 1,367 12,127

2035 1.43 2.50 23.0% 7,129 5,098 850 9,578 11,206 4,139 7,092 1,392 10,970

2036 1.31 2.30 27.0% 7,268 5,952 791 9,052 11,412 4,177 7,259 1,417 10,469

2037 1.20 2.20 27.0% 7,411 6,010 759 8,411 11,624 4,222 7,429 1,444 9,855

2038 1.08 2.00 27.0% 7,566 6,073 715 7,633 11,837 4,268 7,595 1,470 9,103

 

a

 The fair market value of the assets in the RRA and NRRIT as of the close of the fiscal year (September 30) divided by the total benefits and administrative expenses

 paid from the RRA and NRRIT during the fiscal year.

 

b

 The average of the account benefits ratios for the 10 most recent fiscal years ending before the calendar year.

 

c

 Includes payroll taxes and income taxes on benefits.

 

d

 Includes investment income and transfers from the SSEBA.

 

e

 Other income includes financial interchange income, advances from general revenues, and interest income. Other expense includes repayment of advances 

 from general revenues and transfers to the NRRIT or RRA.
$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

$55,000

$60,000

Figure 1. Combined NRRIT, RRA and SSEBA Balance

(In millions)

Employment assumption I

Employment assumption II

Employment assumption III