Railroad Retirement Plan and Social Security Benefits Explained by a New York Railroad Retirement Claims Attorney
Railroad workers may be entitled to retirement plans under the the federal Railroad Retirement Plan. A New York railroad retirement claims attorney can explain to you that the Railroad Retirement Plan is a separate retirement system for railroad workers that requires higher taxes and provides a different level of benefits.
The benefits from a Railroad Retirement Plan can get complicated when an individual also qualifies for Social Security benefits. In these cases, you will want to consult with a New York railroad retirement claims lawyer to learn your rights.
Basics of the Railroad Retirement Plan
Generally, the Railroad Retirement Plan offers two tiers of benefits to a qualifying individual:
- Tier 1. This is the basic retirement plan for railroad workers. Individual get work credit that may be used for the Railroad Retirement System and the Social Security System. Benefits amounts are determined by the Social Security formulas; and
- Tier 2. This gives additional benefits to individuals with longer service periods. The benefits under this plan are similar to a pension plan.
Effects of Social Security Benefits on Railroad Retirement Benefits
A retiree may be entitled to both Railroad Retirement benefits as well as Social Security benefits. In this case, a retiree must cancel out the benefits received under Social Security against the Railroad Retirement benefits. So, a retiree cannot receive full benefits from both Railroad Retirement and Social Security.
However, a New York railroad retirement claims lawyer can explain to you that under the Railroad Retirement Plan, a retiree may be compensated for that reduction with a vested dual benefit. So a retiree could still receive about three-quarters of his or her retirement check even after receiving the full railroad retirement benefit. You will want to talk to an attorney to see exactly how much you can collect.
Contact a New York Railroad Retirement Claims Attorney
If you have any questions about the amount of Railroad Retirement benefits you may be eligible for and the effect of Social Security benefits, you will want to contact an experienced New York Railroad Retirement Claims Attorney. To learn more about your specific case and the benefits you may be eligible for, contact an attorney at Hermann Law Group, PLLC by calling 1-877-773-3030.