View all text of Subpart E [§ 234.50 - § 234.53]
§ 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 | 1.5 | 1954-56 | 4,200 | 2.0 | 1957-58 | 4,200 | 2.25 | 1959 | 4,800 | 2.5 | 1960-61 | 4,800 | 3.0 | 1962 | 4,800 | 3.125 | 1963-65 | 5,400 | 3.625 | 1966 | 6,600 | 4.2 | 1967 | 6,600 | 4.4 | 1968 | 7,800 | 3.3 | 1969-70 | 7,800 | 4.2 | 1971 | 7,800 | 4.6 | 1972 | 9,000 | 4.6 | 1973 | 10,800 | 4.85 | 1974 | 13,200 | 4.95 |
|---|