20 C.F.R. § 234.53   Computation of the lump-sum refund payment.


Title 20 - Employees' Benefits


Title 20: Employees' Benefits
PART 234—LUMP-SUM PAYMENTS
Subpart E—Lump-Sum Refund Payment

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§ 234.53   Computation of the lump-sum refund payment.

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

(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         1.51954-56......................................        4,200         2.01957-58......................................        4,200         2.251959.........................................        4,800         2.51960-61......................................        4,800         3.01962.........................................        4,800         3.1251963-65......................................        5,400         3.6251966.........................................        6,600         4.21967.........................................        6,600         4.41968.........................................        7,800         3.31969-70......................................        7,800         4.21971.........................................        7,800         4.61972.........................................        9,000         4.61973.........................................       10,800         4.851974.........................................       13,200         4.95------------------------------------------------------------------------

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