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Should I Challenge My Railroad Retirement Overpayment with the Railroad Retirement Board? Thumbnail

Should I Challenge My Railroad Retirement Overpayment with the Railroad Retirement Board?

Video Retirement Financial Planning

The Railroad Retirement Board has issued a letter requesting repayment of an overpayment.

Welcome to another edition of the Highball Advisors Railroad Retirement whiteboard. I'm John McNamara of Highball Advisors, and today we're tackling a tricky issue. I've received inquiries from railroaders who have encountered this situation. The Railroad Retirement Board has been paying you, but it turns out there was an overpayment, and now they want their money back. This typically occurs over several months, accumulating into a significant sum.

So, what can you do? Firstly, you could simply repay the overpayment if you believe you weren't entitled to it. However, if you feel the payment was correct due to certain circumstances, you can take the following steps:

  1. Contact the Railroad Retirement Board: Request a reconsideration and seek an explanation. You may also inquire about a waiver for the overpayment.
  2. Escalate the issue: If the initial contact doesn't resolve the matter, you can appeal to the Bureau of Hearings and Appeals, which acts as an arbitration panel.
  3. Further appeal: If the appeal is rejected, you can appeal to the three members of the board of the Railroad Retirement Board. This is a significant escalation.
  4. Legal advice: If all else fails, you may need to consider seeking legal advice to understand your options. This can be a complex process, so weighing the cost of legal fees against the overpayment amount is crucial.
  5. Federal courts: If you exhaust all administrative options, you can appeal to the federal courts. However, this is a costly and potentially lengthy process.

It's important to understand why the overpayment occurred and ensure you have a valid reason for disputing it. Approach the Railroad Retirement Board with a clear understanding of your position and be prepared to go through the appeals process if necessary.

I hope you found this video helpful. Click the notification bell for the latest updates, and please subscribe to the channel. Thank you for your support. Until next time, stay safe, stay on track, and take care. Goodbye.


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Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved from Highball Advisors, and all rights are reserved.