Railroad Retirement and Survivors' Improvement Act of 2001

Railroad Retirement and Survivors' Improvement Act of 2001 - Amends the Railroad Retirement Act of 1974 to increase benefits to railroad employees and their beneficiaries and to revise financing of the pension part (tier II) of the railroad retirement system.

Establishes a Railroad Retirement Trust Fund (the Fund) and a Railroad Retirement Investment Trust to manage and invest the assets of the Fund. Abolishes the Railroad Retirement Supplemental Annuity Account and provides for transfer of its funds to the Fund. Provides for various other transfers of funds to the Fund.

Requires the Railroad Retirement Board to calculate the ratio of assets to benefits to determine annual tier II tax rates for employers, employee representatives, and employees.

Amends the Internal Revenue Code to exempt the Fund from taxation.

Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees.

Provides for adjustments to railroad employers, employee representatives, and employee tier II tax rates.