[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: 20CFR302.2]

[Page 539]
 
                      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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