Computation of the lump-sum refund payment.

§ 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