Maryland Annuity News

Railroad Retirement Annuity Estimates to be Available

The U.S. Railroad Retirement Board announced that railroad employees can now get estimates of their future annuities over the Internet.

Employees can access this new service, called "Retirement Planner for directions on establishing an RRB Internet Service account.  Once employees establish their online accounts, they will be able to get annuity estimates for themselves and their spouses, as well as conduct other business with the Board, over the Internet.  However, to ensure security, employees must first go online to get a Password Request Code, which they will receive by mail in about 7 to 10 days.  Employees are encouraged to establish online accounts so the account is ready whenever they need to use this or other Internet services.  Employees who have already established online accounts do not need to do so again.

The Retirement Planner will provide employee and spouse estimates for employees who have not yet retired under the Railroad Retirement Act.  The estimates will be based on the service and earnings records maintained by the Board and will show the earliest date the employee can receive a full annuity and, if applicable, the earliest date he or she can receive a reduced annuity. Only railroad employees are allowed to access Retirement Planner; but employees can also use the Retirement Planner to get annuity estimates for their spouses.  In addition, employees can view and print a summary of their current record of railroad retirement service months, compensation, and social security wages.  By adding service months, compensation, and wages in future years, they can also obtain an estimate based on projected earnings.

The new service is part of the Board's plan to implement comprehensive Internet services that will expand access to information and allow the railroad public to conduct its business with the agency online.  For those who choose not to conduct business over the Internet, the Board's field offices are available to answer in-person, telephone, and written inquiries.

Most Board offices are open to the public from 9:00 a.m. to 3:30 p.m., Monday through Friday, except on Federal holidays.  Addresses and phone numbers for all Board offices are available by calling the toll-free RRB Help Line at 1-800-808-0772.  The RRB Help Line is an automated telephone service available 24 hours a day, 7 days a week.  Board office locations and phone numbers can also be found on the Board's Web site. 

Contact a Maryland annuity lawyer today and get a free consultation!

	Did You Know?
	Annuity tax-free exchanges, known as 1035 exchanges Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.