Railroad Retirement Calculator Tier 2. Employee and spouse railroad retirement annuities are computed under a tier format established by the 1974 rra. Average of 60 highest earnings months x years of creditable railroad service x.007 = tier 2.
The railroad retirement board (rrb) is an independent agency in the executive. Employee and spouse railroad retirement annuities are computed under a tier format established by the 1974 rra. It use to be if a married couple both retired from the railroad they could collect from the others spousal portion they ended that practice for anyone hired out after 1972.
Railroad retirement disability generally pays more. His earlier marriage ended in divorce after 19 years. The second tier of a regular annuity is computed under a separate formula, and is based on railroad service alone.
Disabled railroad workers retiring directly from the railroad industry at the end of fiscal year 2017 to career rail employees was $3,425 a month for all retired rail employees the average was. In computing the benefit to be paid in the year of retirement, social security does not include earnings in the: The average social security disability award pays monthly benefits averaging about $1,125.00.
Tier 1 portion will be equivalent to social security. So just give you example, if a railroader's tier. Such earnings may later increase the benefit under the recomputation rules.
What is the definition of a tier 2 benefit? The average rrb benefit for those retiring. Tier 2 monthly amount will be something like 0.007 times the total amount you earned divided by 60 months multiplied by your 5 years.
Spouse benefit, which is one of the great things, 45% of what the railroader would be getting is the rate that the spouse benefit is set at. Railroad retirement board william o. The following is a detailed explanation of tier 2 as currently described by the railroad retirement board on its web site.
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