RRB uses several simulation models to estimate the effects of demographic and economic trends and legislative and policy options on Railroad Retirement programs and beneficiary populations now and in the future. Models are based on RRB's best judgments of current and future behavioral relationships and methods of projecting key program outcomes.
For all simulation models, implementation procedures will be tested, and the models' performance will be thoroughly evaluated. All simulation models are extensively tested and reviewed within RRB to verify that the computer programs that were developed to implement models conform to the stated objectives. Where appropriate, historical simulations are developed to evaluate the success of a model in producing reasonable projections. Where appropriate, based on a model's complexity and scope of application, RRB convenes technical committees to review a model's performance and evaluate whether it meets its objectives. Models are periodically updated to reflect input from internal and external reviews and research findings on behavioral relationships.
Documentation will be available for all simulation models. Documentation for simulation models developed within RRB will be available upon request.