[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: 20CFR233.3]



[Page 490]

 

                      TITLE 20--EMPLOYEES' BENEFITS

 

                  CHAPTER II--RAILROAD RETIREMENT BOARD

 

PART 233_REDUCTION IN THE WINDFALL BENEFIT ANNUITY COMPONENT--Table 

of Contents

 

Sec.  233.3  Reduction of retroactive and other similar payments.



    If a person is entitled to a retroactive payment for a month or 

months in an earlier fiscal year, the reduction factor as imposed with 

respect to the windfall component of the person's annuity, including 

that portion attributable to an earlier fiscal year, shall be the 

reduction factor applicable in the year of payment: Provided, however, 

That if the application of the payment year reduction factor would 

result in a larger payment than would the application of the earlier 

year reduction factor, the earlier year reduction factor shall be 

applied. The reduction factor imposed in the case of a replacement 

payment shall be that reduction factor which was applicable to the 

original payment. The term ``replacement payment'' means a payment made 

to a beneficiary to replace a check which was issued to the beneficiary 

in an earlier month, but which was not negotiated, and ``replacement 

payment'' also means a payment made to the beneficiary for an earlier 

month in which his or her annuity was not paid for some reason such as 

lack of a current address.