[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: 20CFR302.2]



[Page 537]

 

                      TITLE 20--EMPLOYEES' BENEFITS

 

                  CHAPTER II--RAILROAD RETIREMENT BOARD

 

PART 302_QUALIFIED EMPLOYEE--Table of Contents

 

Sec.  302.2  Definitions.



    Base year. The term ``base year'' means the completed calendar year 

immediately preceding the beginning of the benefit year.

    Benefit year. The term ``benefit year'' means the 12-month period 

beginning July 1 of any year and ending June 30 of the next year. If a 

registration period begins in June and ends in July, the benefit year 

ending date is deemed to be the last day of such registration period. If 

an employee is eligible for payment of extended benefits, the benefit 

year ending date for such employee will be June 30, or the last day of 

his or her extended benefit period, whichever date is later.

    Compensation. The term ``compensation'' means generally any form of 

earnings or money remuneration earned on the basis of railroad 

employment during any month, excluding any amount in excess of the 

monthly compensation base for that month and also excluding payments of 

the character described in Sec.  302.4 of this part.

    Monthly compensation base. The term ``monthly compensation base'' 

means the greater of $600, or the amount calculated using the following 

formula:

[GRAPHIC] [TIFF OMITTED] TC14NO91.108



    For the purpose of this formula, ``MCB'' is the dollar amount of the 

monthly compensation base, and ``A'' is the amount of the Tier I tax 

base under section 3231(e)(2) of the Internal Revenue Code for the 

calendar year for which the monthly compensation base is being computed. 

If the dollar amount computed under this formula is not a multiple of 

$5, it shall be rounded to the nearest multiple of $5. If the dollar 

amount computed is equidistant between two multiples of $5, it shall be 

rounded up the nearest multiple of $5.

    Registration period. With respect to unemployment benefits, the term 

``registration period'' has the meaning given in Sec.  325.1(c) of this 

chapter. With respect to sickness benefits, the term ``registration 

period'' has the meaning given in Sec.  335.1(d) of this chapter.



[56 FR 6966, Feb. 21, 1991; 56 FR 10302, Mar. 11, 1991]



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