[Code of Federal Regulations]
[Title 20, Volume 1]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 20CFR233.1]

[Page 470]
 
                      TITLE 20--EMPLOYEES' BENEFITS
 
                  CHAPTER II--RAILROAD RETIREMENT BOARD
 
PART 233_REDUCTION IN THE WINDFALL BENEFIT ANNUITY COMPONENT--Table 
of Contents
 
Sec. 233.1  When reduction must be made.




Sec.
233.1 When reduction must be made.
233.2 Computation of reduction.
233.3 Reduction of retroactive and other similar payments.
233.4 Reconsideration of the reduction computation.

    Authority: Sec. 1122(c), Pub. L. 97-35, 95 Stat. 638 (45 U.S.C. 
231f).

    Source: 46 FR 50786, Oct. 15, 1981, unless otherwise noted.


    On or before August 31 of each fiscal year, the Board shall, in 
accordance with this section, determine the amount of the reduction, if 
any that will have to be made in the following fiscal year in the amount 
of the windfall benefit components of persons entitled to such benefit 
components under the Railroad Retirement Act. A reduction must be made 
where it is determined that the balance in the Dual Benefits Payments 
Account, comprised of such funds as will be available for the payment of 
windfall benefits in the following fiscal year including the enacted or 
estimated appropriation to the Account for the next succeeding fiscal 
year, disregarding any interest which may be earned by the moneys in the 
Account during the next fiscal year, is less than the estimate of the 
amount of the windfall benefits that would be payable under the Railroad 
Retirement Act during such fiscal year if no reduction were to be 
applicable. The amount of the windfall benefit as determined by the 
Board and paid to a person under this section shall constitute full and 
complete payment of the person's windfall component and there shall be 
no further liability on the part of the Board, the U.S. Government, or 
any other person or entity for the amount of any reduction imposed.