A bill to amend the Railroad Retirement Act of 1974 to prevent the elimination of certain cost of living increases in certain annuity amounts, to prevent other benefit reductions, and for other purposes.

Railroad Retirement and Unemployment Benefits Protection Act of 1986 - Amends the Railroad Retirement Act of 1974 to: (1) provide that certain cost of living increases in railroad retirement annuities shall not be prevented from taking effect by any provision of law other than such Act; (2) prohibit the sequestration of any amounts appropriated to the Dual Benefits Payment Account other than...