Bud Shuster: “I rise today in support of H. Res. 1463, which designates Railroad Retirement Day on August 29, 2010. Railroad…”

“I rise today in support of H. Res. 1463, which designates Railroad Retirement Day on August 29, 2010. Railroad Retirement Day is established in this resolution to celebrate the success and importance of the Railroad Retirement System, which has benefited generations of hardworking railroad workers and their families. I am proud to support the railroad retirement system, which predates Social Security and provides comprehensive retirement, survivor, and disability benefits. More than 600,000 beneficiaries receive approximately $10 billion in benefits each year from the railroad retirement system. For the last 7 years, a portion of retiree assets has been managed in the National Railroad Retirement Investment Trust. This innovative fund has already returned $7.9 billion to retirees, and has grown 16 percent in the last 7 years, despite payouts and the volatility in the markets and the global economy. I believe we should take a close look at the success of this system as one of the potential solutions to the looming crisis in Social Security.”