[Federal Register Volume 67, Number 116 (Monday, June 17, 2002)]
[Proposed Rules]
[Pages 41205-41206]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-15104]
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 67, No. 116 / Monday, June 17, 2002 /
Proposed Rules
[[Page 41205]]
RAILROAD RETIREMENT BOARD
20 CFR Parts 218, 220, and 225
RIN 3220-AB54
Retirement Age
AGENCY: Railroad Retirement Board.
ACTION: Proposed rule.
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SUMMARY: The Board proposes to amend its regulations to update the
references regarding age required for eligibility for an annuity and
for the application of work deductions.
Full retirement age is no longer age 65, but instead ranges from
age 65 for those born before 1938 to age 67 for those born in 1960 or
later. The Board proposes to amend its regulations to replace obsolete
references to ``age 65'' with a reference to ``retirement age''.
DATES: In order for us to consider your comments on these specific
proposals, the Board must receive them by August 16, 2002.
ADDRESSES: Submit comments in writing to Beatrice Ezerski, Secretary to
the Board, Railroad Retirement Board, 844 North Rush Street, Chicago,
Illinois 60611-2092.
FOR FURTHER INFORMATION CONTACT: For information specifically about
these proposed rules, contact Michael C. Litt, General Attorney, Office
of General Counsel, Railroad Retirement Board, (312)751-4929, TDD (312)
751-4701.
SUPPLEMENTARY INFORMATION: Section 106 of the Railroad Retirement
Solvency Act of 1983, Public Law 98-76, amended the Railroad Retirement
Act to replace references to ``age 65'' with ``retirement age (as
defined in section 216(l) of the Social Security Act).'' Section 216(l)
of the Social Security Act defines ``retirement age'' as follows: with
respect to an individual who attains ``early retirement age'' before
January 1, 2000, 65 years of age. ``Early retirement age'' is defined
in the case of old-age, wife's or husband's insurance benefits, as age
62. With respect to individuals who attain early retirement age after
December 31, 1999, the retirement age gradually increases.
The Board proposes to issue regulations that replace references to
``age 65'' with the phrase ``retirement age'' in order to conform the
regulations to the above-described amendment.
Proposed Amendments
The Board proposes to amend parts 218, 220, and 225 to remove the
words ``age 65'' and add in their place the words ``full retirement
age''.
The Board, with the concurrence of the Office of Management and
Budget, has determined that this is not a significant regulatory action
under Executive Order 12866; therefore, no regulatory impact analysis
is required. There are no information collections associated with this
rule.
List of Subjects
20 CFR Part 218
Railroad retirement, Reporting and recordkeeping requirements.
20 CFR Part 220
Railroad retirement.
20 CFR Part 225
Railroad retirement.
For the reasons stated in the preamble, the Railroad Retirement
Board proposes to amend 20 CFR, chapter II, parts 218, 220, and 225 as
follows:
PART 218--ANNUITY BEGINNING AND ENDING DATES
1. The authority citation for part 218 continues to read as
follows:
Authority: 45 U.S.C. 231f(b)(5).
Secs. 218.9, 218.12, 218.13, 218.16, 218.17, 218.36, 218.40, 218.43,
and 218.44 [Amended]
2. In 20 CFR part 218, remove the words ``age 65'' wherever they
appear and add in their place the words ``full retirement age''.
a. Sec. 218.9(a)(2);
b. Sec. 218.12(b)(2)(ii);
c. Sec. 218.13(b)(1)(ii), and Sec. 218.13(b)(2)(ii);
d. Sec. 218.16(b)(2)(ii);
e. Sec. 218.17(b)(2)(ii);
f. Sec. 218.36(a)(3), and Sec. 218.36(b);
g. Sec. 218.40(c)(4);
h. Sec. 218.43(b)(3), and Sec. 218.43(c)(6);
i. Sec. 218.44(b)(3), and Sec. 218.44(c)(6).
PART 220--DETERMINING DISABILITY
3. The authority citation for part 220 continues to read as
follows:
Authority: 45 U.S.C. 231a; 45 U.S.C. 231f.
Sec. 220.161 [Amended]
4. Amend Sec. 220.161 by removing the words ``becomes 65 years old
and the disability annuity is converted to an age annuity.'', and add
in their place the words ``attains retirement age and the disability
annuity is converted to a full age annuity.''
Sec. 220.176 [Amended]
5. Amend Sec. 220.176 by removing the words ``age 65'', and adding
in their place the words ``full retirement age''.
PART 225--PRIMARY INSURANCE AMOUNT DETERMINATIONS
6. The authority citation for part 225 continues to read as
follows:
Authority: 45 U.S.C. 231f(b)(5).
Sec. 225.2 [Amended]
7. Amend Sec. 225.2 by removing the wording ``216(I)'' from the
definition of ``Base Years'', and adding in its place ``216(l)''.
Sec. 225.30 [Amended]
8. Amend Sec. 225.30(a) by removing the words ``age 65'', and
adding in their place the words ``full retirement age''.
Sec. 225.34 [Amended]
9. Amend Sec. 225.34 by:
a. Removing the words ``age 65'' from paragraph (a)(1), and adding
in their place the words ``full retirement age'';
b. Revising paragraph (b)(3); and
c. Adding a new paragraph (b)(4).
Sec. 225.34 How the amount of the DRC is figured.
* * * * *
(b) * * *
(3) Employee attains age 65 in 1990 and before 2003. (i) The rate
of the DRC (one-fourth of one percent) is increased by one-twenty-
fourth of one percent in each even year through 2002. Therefore,
depending on when the employee attains age 65, the DRC percent will be
as follows:
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Delayed retirement credit
Year employee attains age 65 percent
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1990.................................... \7/24\ of 1%.
1991.................................... Do.
[[Page 41206]]
1992.................................... \1/3\ of 1%.
1993.................................... Do.
1994.................................... \3/8\ of 1%.
1995.................................... Do.
1996.................................... \5/12\ of 1%.
1997.................................... Do.
1998.................................... \11/24\ of 1%.
1999.................................... Do.
2000.................................... \1/2\ of 1%.
2001.................................... Do.
2002.................................... \13/24\ of 1%.
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(ii) The delayed retirement credit equals the appropriate percent
of the PIA times the number of months in which the employee is age 65
or older and for which credit is due.
(4) Employee attains full retirement age in 2003 or later. The rate
of the DRC (one-fourth of one percent) is increased by one-twenty-
fourth of one percent in each even year through 2008. Therefore,
depending on when the employee attains full retirement age, the DRC
percent will be as follows:
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Year employee attains full retirement Delayed retirement credit
age percent
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2003.................................... \13/24\ of 1%.
2004.................................... \7/12\ of 1%.
2005.................................... Do.
2006.................................... \5/8\ of 1%.
2007.................................... Do.
2008 and later.......................... \2/3\ of 1%.
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* * * * *
Dated: June 10, 2002.
By authority of the Board.
For the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. 02-15104 Filed 6-14-02; 8:45 am]
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