The lump-sum refund payment is calculated as follows:
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;
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;
Multiply the results of paragraph (a)(2) of this section by the percentage shown in the chart in paragraph (b) of this section; and
Add the results of paragraph (a)(3) of this section. The total is the amount of the lump-sum refund payment.
Chart for calculation of lump-sum refund payment.
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