(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 |