RRB Abbreviation

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Popular abbreviations of RRB:

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What does RRB mean?

The Railroad Retirement Board was established in 1930 as an independent agency to provide retirement benefits to railroad workers nationwide. However, the Government established the first pension plan in North America in 1874.

But to cover the loopholes and defects in that pension plan, the Government came up with an independent agency in 1930. The RRB provides sickness benefits and other retirement-survivor insurance benefits to people.

Key Highlights of the fiscal year 2021

• In 2021, the RRB provided benefits of $ 13.2 billion to 519,000 beneficiaries. 
• It also offered unemployment sickness benefits to more than 41,000 people. The estimated cost was around $164 million. 
• It provided a spouse benefit of $1,110 per month.
• An average of $ 1,905 is offered to the aged widow per month. 

Benefits

Retirement Benefits

The retirement benefits provide social security benefits to the railroad workers. To be eligible for the retirement benefits, employees must have worked for ten years or five years after 1995.

Although the retirement age is 62 and the full retirement age lies between 65 to 67. 

Disability Benefits

The RRB provides the disability benefits having the age criteria same as retirement benefits. RRB also offers occupational disability benefits when employees cannot perform their duties. 

Under such benefits, the employee must have served the RRB for 20 years or be entitled to get the advantage at the full retirement age.

Spousal Benefits

Spousal benefits apply to those married for one year or who have conceived a child. Divorced spouses can also get the benefits, and couples having a disabled child before the age of 22 can also avail of spousal benefits.

Survivor Benefits

To get the survivor benefits, the employee must have served the RRB for ten years or five years after 1995. The dependents of the employees get survivor benefits like a widow, widower, children under the age of 18, divorced spouse, or dependent parents.