Railroad Retirement Board

The U.S. Railroad Retirement Board (RRB) is an independent agency in the executive branch of the United States government created in 1935 to administer a social insurance program providing retirement benefits to the country's railroad workers.

The RRB serves U.S. railroad workers and their families, and administers retirement, survivor, unemployment, and sickness benefits. Consequently, railroad workers do not participate in the United States Social Security program. The RRB's headquarters are in Chicago, Illinois, with field offices throughout the country.

In connection with the retirement program, the RRB has administrative responsibilities under the Social Security Act for certain benefit payments and railroad workers' Medicare coverage.

During fiscal year 2023, retirement survivor benefits of $14.1 billion were paid to about 508,000 beneficiaries, while net unemployment-sickness benefits of $92.9 million were paid to more than 15,000 claimants.

In 2023, the average annuity paid to career rail employees was $4,310 per month, the average annuity paid for all retired rail employees was $3,450 per month, and the average retirement benefit under Social Security was $1,810 per month.

Railroad retirement benefit payments are financed primarily by payroll taxes paid by railroad employers and their employees. Since 2002, funds not needed immediately for benefit payments or administrative expenses have been invested by an independent National Railroad Retirement Investment Trust, which qualifies as non profit 501(c)(28). As of 2023, trust-managed assets and RRB assets held in reserve totaled almost $25 billion.