[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: 20CFR229.2]



[Page 476]

 

                      TITLE 20--EMPLOYEES' BENEFITS

 

                  CHAPTER II--RAILROAD RETIREMENT BOARD

 

PART 229_SOCIAL SECURITY OVERALL MINIMUM GUARANTEE--Table of Contents

 

                            Subpart A_General

 

Sec.  229.2  Definitions.



    The following definitions are used in this part:

    Annuity means a payment under the Railroad Retirement Act due and 

payable to an entitled claimant for a calendar month and made to him or 

her on the first day of the following month. The recipient of an annuity 

is called an annuitant.

    Average Indexed Monthly Earnings or AIME means the average of the 

employee's monthly creditable earnings in both railroad and social 

security covered employment in the years used in computing the Primary 

Insurance Amount, after the earnings are adjusted or ``indexed''. The 

indexing is a means of expressing prior years earnings in terms of their 

current dollar value. It is based on increases in the average wages of 

all wage earners from 1951 although the second year before the year the 

worker dies or becomes eligible for benefits.

    Contribution and benefit base means the maximum earnings used in 

computing a social security benefit under section 230 of the Social 

Security Act.

    1974 Act means the Railroad Retirement Act approved October 16, 

1974, including all amendments.

    Railroad formula rate means the amount computed in accord with the 

regular railroad computations (sections 3(a), 3(b) and 3(h) of the 

Railroad Retirement Act).

    Retirement age means age 65, with respect to an employee or spouse 

who attains age 62 before January 1, 2000 (age 60 in the case of a 

widow(er), remarried widow(er) or surviving divorced spouse). For an 

employee or spouse who attains age 62 (or age 60 in the case of a 

widow(er), remarried widow(er), or surviving divorced spouse) after 

December 31, 1999, retirement age means the age provided for in section 

216(l) of the Social Security Act.