Code of Federal Regulations Title 20. Employees' Benefits § 20.216.22 Work as an employee which affects payment

(a) Work for a railroad employer. Work for pay as an employee of a railroad employer always prevents payment of an annuity.

(b) Work for last non-railroad employer. Work for pay in the service of the last non-railroad employer by whom an individual is employed will reduce the amount of the tier II benefit of the employee, spouse and supplemental annuity as provided in part 230 of this chapter. An individual's last non-railroad employer is:

(c) Corporate officers. An officer of a corporation will be considered to be an employee of the corporation. A director of a corporation acting solely in his or her capacity as such director is not an employee of the corporation.