[Code of Federal Regulations]
[Title 20, Volume 1]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 20CFR229.50]

[Page 485]
 
                      TITLE 20--EMPLOYEES' BENEFITS
 
                  CHAPTER II--RAILROAD RETIREMENT BOARD
 
PART 229_SOCIAL SECURITY OVERALL MINIMUM GUARANTEE--Table of Contents
 
            Subpart F_Computation of the Overall Minimum Rate
 
Sec.  229.50  Age reduction in employee or spouse benefit.

    (a) When age reduction applies. The employee overall minimum benefit 
is reduced for each month the employee is under retirement age on the 
date the employee becomes eligible for an increase under the overall 
minimum, as shown in Sec.  229.22 of this part, unless the employee has 
a period of disability and Sec.  229.52 of this part does not apply, in 
which case no age reduction is applied. The spouse overall minimum 
benefit is reduced for each month a spouse, who is not a spouse with the 
employee's child under 16 years old or disabled before attaining age 22 
in his or her care, is under retirement age on the date the spouse is 
eligible for an increase under the overall minimum (see Sec.  229.21 of 
this part). If a spouse's overall minimum benefit is reduced for age and 
he or she later begins caring for an eligible child, no age reduction 
will apply for the months the child is in his or her care.
    (b) Employee age reduction. The Overall Minimum PIA plus any delayed 
retirement credits is reduced by \1/180\ for each month the employee is 
under retirement age on the date the employee becomes eligible for the 
overall minimum. When the PIA amount is increased, the amount of the 
increase is reduced by \1/180\ for the same number of months used to 
determine the initial age reduction.
    (c) Spouse age reduction. The amount of the spouse overall minimum 
benefit, after any adjustment for the family maximum, is reduced by \1/
144\ for each month the spouse is under retirement age on the date when 
he or she becomes eligible under the overall minimum. When the spouse 
benefit increases, the amount of the increase is reduced by \1/144\ for 
the same number of months used to compute the initial age reduction.
    (d) Age reduction after 1999. Beginning in the year 2000 the amount 
of age reduction shall be as specified in paragraphs (b) and (c) of this 
section for the first 36 months of the reduction period, as defined in 
paragraph (e) of this section, and \1/240\ for any additional months 
included in such period.
    (e) Reduction period defined. The reduction period is the number of 
months beginning with the first month for which the O/M is payable and 
ending with the month before the month the beneficiary attains 
retirement age.