[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: 20CFR234.53]



[Page 496-497]

 

                      TITLE 20--EMPLOYEES' BENEFITS

 

                  CHAPTER II--RAILROAD RETIREMENT BOARD

 

PART 234_LUMP-SUM PAYMENTS--Table of Contents

 

                    Subpart E_Lump-Sum Refund Payment

 

Sec.  234.53  Computation of the lump-sum refund payment.



    (a) The lump-sum refund payment is calculated as follows:



[[Page 497]]



    (1) Combine the railroad employee's creditable earnings, including 

military service, under the Social Security Act and Railroad Retirement 

Act for each of the years 1951 through 1974;

    (2) Determine the amount of the employee's creditable earnings in 

excess of the amounts for each year shown in the chart in paragraph (b) 

of this section;

    (3) Multiply the results of paragraph (a)(2) of this section by the 

percentage shown in the chart in paragraph (b) of this section; and

    (4) Add the results of paragraph (a)(3) of this section. The total 

is the amount of the lump-sum refund payment.

    (b) Chart for calculation of lump-sum refund payment.



------------------------------------------------------------------------

                     Year                         Amount     Percentage

------------------------------------------------------------------------

1951-53......................................       $3,600         1.5

1954-56......................................        4,200         2.0

1957-58......................................        4,200         2.25

1959.........................................        4,800         2.5

1960-61......................................        4,800         3.0

1962.........................................        4,800         3.125

1963-65......................................        5,400         3.625

1966.........................................        6,600         4.2

1967.........................................        6,600         4.4

1968.........................................        7,800         3.3

1969-70......................................        7,800         4.2

1971.........................................        7,800         4.6

1972.........................................        9,000         4.6

1973.........................................       10,800         4.85

1974.........................................       13,200         4.95

------------------------------------------------------------------------