To the Congress of the United States:
I hereby transmit the Annual Report of the Railroad Retirement Board for fiscal year 1976.
The Report gives a summary of the Board's operations under the Railroad Retirement .and Railroad Unemployment Insurance Acts. During the year, retirement and survivor benefit payments amounted to about $3.5 billion and went to 1,100,000 railroad workers and dependents. Unemployment .and sickness benefit payments of $218 million were made to almost 170,000 beneficiaries.
The Board's Report also includes the thirteenth triennial actuarial valuation of the assets and liabilities of the railroad retirement system as of December 31, 1974. This valuation is the first completed since the comprehensive restructuring of the system made under the Railroad Retirement Act of 1974.
I commend this Report to your attention.
The White House,
February 4, 1977.