base yearmeans the completed calendar year immediately preceding the beginning of the benefit year.
benefit yearmeans the 12-month period beginning July 1 of any year and ending June 30 of the next year.
compensationmeans generally any form of earnings or money remuneration earned on the basis of railroad employment during any month, excluding any amount in excess of the monthly compensation base for that month and also excluding payments of the character described in § 302.4 of this part.
monthly compensation basemeans the greater of $600, or the amount calculated using the following formula: For the purpose of this formula, “MCB” is the dollar amount of the monthly compensation base, and “A” is the amount of the Tier I tax base under section 3231(e)(2) of the Internal Revenue Code for the calendar year for which the monthly compensation base is being computed.
registration periodhas the meaning given in § 325.1(c) of this chapter.