20 CFR 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