Railroad Retirement and Survivors' Improvement Act of 2001

This legislation aims to modernize the railroad retirement system by increasing pension benefits for retired workers and their surviving spouses. It would allow employees with 30 years of service to retire with full benefits at age 60 and creates a new investment trust to manage pension funds in private markets rather than just government securities. Additionally, the bill would adjust payroll tax rates for railroad employers and employees based on the overall financial health of the retirement fund.