[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: 20CFR233.3]

[Page 492]
 
                      TITLE 20--EMPLOYEES' BENEFITS
 
                  CHAPTER II--RAILROAD RETIREMENT BOARD
 
PART 233_REDUCTION IN THE WINDFALL BENEFIT ANNUITY COMPONENT--Table of 
 
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.