Railroad Employee Protection Modification Act of 1980

Railroad Employee Protection Modification Act of 1980 - Declares it to be the purpose of this Act to provide, under the Regional Rail Reorganization Act of 1973, for labor protection for certain railroad employees, and to assist the Consolidated Rail Corporation (ConRail) in managing such employees in its work force.

Amends such act to grant, to protected employees, a monthly displacement allowance for any calendar month within the period identified in this Act in which the employee is deprived of employment or is adversely affected as regards his/her compensation. Sets forth provisions for payment of such allowance.

Specifies the duration of the monthly displacement allowance. Sets forth provisions for training and transfer of employees. Permits ConRail to offer a vacant position to not more than four protected non-contract employees. Directs ConRail to give such position to the protected employee accepting transfer whom ConRail considers to be best qualified for the particular position involved.

Directs ConRail, the United States Railway Association, replacement operators, and acquiring railroads, as the case may be, to pay the allowances, expenses, and costs provided protected employees under this Act. Directs the Railroad Retirement Board to reimburse ConRail, the Association, replacement operators, and acquiring railroads for such allowances, expenses, and costs up to an aggregate sum of $485,000,000. Limits the aggregate amount of such reimbursements to $180,000,000.

Authorizes annual appropriations. Directs ConRail, the Association, replacement operators, and acquiring railroads to pay benefits otherwise reimbursable upon the exhaustion of such authorization.

Authorizes appropriations for administrative expenses incurred by the Railroad Retirement Board and the Association.

Directs the Association to audit the payment of benefits under this Act. Orders the Association to report to the Congress and the President within 90 days after the end of each fiscal year.

Sets forth technical amendments to the Regional Rail Reorganization Act of 1973.