[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: 20CFR225.30]



[Page 449-450]

 

                      TITLE 20--EMPLOYEES' BENEFITS

 

                  CHAPTER II--RAILROAD RETIREMENT BOARD

 

PART 225_PRIMARY INSURANCE AMOUNT DETERMINATIONS--Table of Contents

 

                  Subpart D_Delayed Retirement Credits

 

Sec.  225.30  General.





    (a) A delayed retirement credit (DRC) is a percentage increase in a 

PIA. An employee who would have an insured status in accordance with 

section 214(a) of the Social Security Act based on combined railroad and 

social security earnings can earn DRC's. A DRC can be earned by the 

employee for each month, in or after the month of attaining full 

retirment age and before the month of attaining age 70 (72 before 1984), 

in which the employee does not receive either--

    (1) An annuity because the employee did not apply for an annuity; or

    (2) The tier I and vested dual benefit work deduction annuity 

components or the social security overall minimum annuity rate because 

they are not paid since the employee works and has earnings in excess of 

the exempt amount. (The tier I and vested dual benefit work deduction 

annuity components, the social security overall minimum annuity rate and 

the exempt amount are described in parts 226, 229 and 230 of this 

chapter, respectively.)

    (b) Any credit earned by the employee also extends to the employee's 

widow(er), remarried widow(er) or surviving divorced spouse when he or 

she receives a survivor annuity that is based on age or disability.



[[Page 450]]



    (c) Credit earned by the employee does not extend to the employee's 

spouse or divorced spouse.



[54 FR 12903, Mar. 29, 1989, as amended at 68 FR 39010, July 1, 2003]