§ 234.53. Computation of the lump-sum refund payment.
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/us/cfr/t20/s§ 234.53·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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$3,6001.5 1954-564,2002.0 1957-584,2002.25 19594,8002.5 1960-614,8003.0 19624,8003.125 1963-655,4003.625 19666,6004.2 19676,6004.4 19687,8003.3 1969-707,8004.2 19717,8004.6 19729,0004.6 197310,8004.85 197413,2004.95