(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.

Open Table
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

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