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.
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 |