2006 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 69613-69614 [05-22724]
Download as PDF
<![CDATA[
Federal Register / Vol. 70, No. 220 / Wednesday, November 16, 2005 / Notices
Comments are particularly invited on:
Whether this collection of information
is necessary for the proper performance
of functions of the Office of Personnel
Management and whether it will have
practical utility; whether our estimate of
the public burden of this collection of
information is accurate and based on
valid assumptions and methodology;
and ways in which we can minimize the
burden of the collection of information
on respondents, through the use of
appropriate technological collection
techniques or other forms of information
technology.
For copies of this proposal, contact
Mary Beth Smith-Toomey by telephone
(202) 606–8358, or by e-mail
MaryBeth.Smith-Toomey@opm.gov.
DATES: Comments on this proposal
should be received within 60 calendar
days from the date of this publication.
ADDRESSES: Send or deliver comments
to: Daniel Fusco, Manager, Recruiting,
Examining and Assessment Group, U.S.
Office of Personnel Management, 1900 E
Street, NW., Room 6500, Washington,
DC 20415.
U.S. Office of Personnel Management.
Linda M. Springer,
Director.
[FR Doc. 05–22741 Filed 11–15–05; 8:45 am]
BILLING CODE 6325–39–P
RAILROAD RETIREMENT BOARD
2006 Railroad Experience Rating
Proclamations, Monthly Compensation
Base and Other Determinations
Railroad Retirement Board.
Notice.
AGENCY:
ACTION:
SUMMARY: Pursuant to section 8(c)(2)
and section 12(r)(3) of the Railroad
Unemployment Insurance Act (Act) (45
U.S.C. 358(c)(2) and 45 U.S.C. 362(r)(3),
respectively), the Board gives notice of
the following:
1. The balance to the credit of the
Railroad Unemployment Insurance
(RUI) Account, as of June 30, 2005, is
$113,140,562.89;
2. The September 30, 2005, balance of
any new loans to the RUI Account,
including accrued interest, is zero;
3. The system compensation base is
$3,174,496,243.69 as of June 30, 2005;
4. The cumulative system unallocated
charge balance is ($269,505,519.27) as of
June 30, 2005;
5. The pooled credit ratio for calendar
year 2006 is zero;
6. The pooled charged ratio for
calendar year 2006 is zero;
7. The surcharge rate for calendar year
2006 is 1.5 percent;
VerDate Aug<31>2005
13:56 Nov 15, 2005
Jkt 208001
8. The monthly compensation base
under section 1(i) of the Act is $1,195
for months in calendar year 2006;
9. The amount described in section
1(k) of the Act as ‘‘2.5 times the monthly
compensation base’’ is $2,987.50 for
base year (calendar year) 2006;
10. The amount described in section
2(c) of the Act as ‘‘an amount that bears
the same ratio to $775 as the monthly
compensation base for that year as
computed under section 1(i) of this Act
bears to $600’’ is $1,544 for months in
calendar year 2006;
11. The amount described in section
3 of the Act as ‘‘2.5 times the monthly
compensation base’’ is $2,987.50 for
base year (calendar year) 2006;
12. The amount described in section
4(a–2)(i)(A) of the Act as ‘‘2.5 times the
monthly compensation base’’ is
$2,987.50 with respect to
disqualifications ending in calendar
year 2006;
13. The maximum daily benefit rate
under section 2(a)(3) of the Act is $57
with respect to days of unemployment
and days of sickness in registration
periods beginning after June 30, 2006.
DATES: The balance in notice (1) and the
determinations made in notices (3)
through (7) are based on data as of June
30, 2005. The balance in notice (2) is
based on data as of September 30, 2005.
The determinations made in notices (5)
through (7) apply to the calculation,
under section 8(a)(1)(C) of the Act, of
employer contribution rates for 2006.
The determinations made in notices (8)
through (12) are effective January 1,
2006. The determination made in notice
(13) is effective for registration periods
beginning after June 30, 2006.
ADDRESSES: Secretary to the Board,
Railroad Retirement Board, 844 Rush
Street, Chicago, Illinois 60611–2092.
FOR FURTHER INFORMATION CONTACT:
Marla L. Huddleston, Bureau of the
Actuary, Railroad Retirement Board, 844
Rush Street, Chicago, Illinois 60611–
2092, telephone (312) 751–4779.
SUPPLEMENTARY INFORMATION: The RRB
is required by section 8(c)(1) of the
Railroad Unemployment Insurance Act
(Act) (45 U.S.C. 358(c)(1)) as amended
by Public Law 100–647, to proclaim by
October 15 of each year certain systemwide factors used in calculating
experience-based employer contribution
rates for the following year. The RRB is
further required by section 8(c)(2) of the
Act (45 U.S.C. 358(c)(2)) to publish the
amounts so determined and proclaimed.
The RRB is required by section 12(r)(3)
of the Act (45 U.S.C. 362(r)(3)) to
publish by December 11, 2005, the
computation of the calendar year 2006
monthly compensation base (section 1(i)
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
69613
of the Act) and amounts described in
sections 1(k), 2(c), 3 and 4(a–2)(i)(A) of
the Act which are related to changes in
the monthly compensation base. Also,
the RRB is required to publish, by June
11, 2006, the maximum daily benefit
rate under section 2(a)(3) of the Act for
days of unemployment and days of
sickness in registration periods
beginning after June 30, 2006.
Surcharge Rate
A surcharge is added in the
calculation of each employer’s
contribution rate, subject to the
applicable maximum rate, for a calendar
year whenever the balance to the credit
of the RUI Account on the preceding
June 30 is less than the greater of $100
million or the amount that bears the
same ratio to $100 million as the system
compensation base for that June 30
bears to the system compensation base
as of June 30, 1991. If the RUI Account
balance is less than $100 million (as
indexed), but at least $50 million (as
indexed), the surcharge will be 1.5
percent. If the RUI Account balance is
less than $50 million (as indexed), but
greater than zero, the surcharge will be
2.5 percent. The maximum surcharge of
3.5 percent applies if the RUI Account
balance is less than zero.
The system compensation base as of
June 30, 1991 was $2,763,287,237.04.
The system compensation base for June
30, 2005 was $3,174,496,243.69. The
ratio of $3,174,496,243.69 to
$2,763,287,237.04 is 1.14881153.
Multiplying 1.14881153 by $100 million
yields $114,881,153. Multiplying $50
million by 1.14881153 produces
$57,440,577. The Account balance on
June 30, 2005, was $113,140,562.89.
Accordingly, the surcharge rate for
calendar year 2006 is 1.5 percent.
Monthly Compensation Base
For years after 1988, section 1(i) of the
Act contains a formula for determining
the monthly compensation base. Under
the prescribed formula, the monthly
compensation base increases by
approximately two-thirds of the
cumulative growth in average national
wages since 1984. The monthly
compensation base for months in
calendar year 2006 shall be equal to the
greater of (a) $600 or (b) $600 [1 +
{(A¥37,800)/56,700}], where A equals
the amount of the applicable base with
respect to tier 1 taxes for 2006 under
section 3231(e)(2) of the Internal
Revenue Code of 1986. Section 1(i)
further provides that if the amount so
determined is not a multiple of $5, it
shall be rounded to the nearest multiple
of $5.
E:\FR\FM\16NON1.SGM
16NON1
69614
Federal Register / Vol. 70, No. 220 / Wednesday, November 16, 2005 / Notices
The calendar year 2006 tier 1 tax base
is $94,200. Subtracting $37,800 from
$94,200 produces $56,400. Dividing
$56,400 by $56,700 yields a ratio of
0.99470899. Adding one gives
1.99470899. Multiplying $600 by the
amount 1.99470899 produces the
amount of $1,196.83, which must then
be rounded to $1,195. Accordingly, the
monthly compensation base is
determined to be $1,195 for months in
calendar year 2006.
Amounts Related to Changes in
Monthly Compensation Base
For years after 1988, sections 1(k),
2(c), 3 and 4(a–2)(i)(A) of the Act
contain formulas for determining
amounts related to the monthly
compensation base.
Under section 1(k), remuneration
earned from employment covered under
the Act cannot be considered subsidiary
remuneration if the employee’s base
year compensation is less than 2.5 times
the monthly compensation base for
months in such base year. Multiplying
2.5 by the calendar year 2006 monthly
compensation base of $1,195 produces
$2,987.50. Accordingly, the amount
determined under section 1(k) is
$2,987.50 for calendar year 2006.
Under section 2(c), the maximum
amount of normal benefits paid for days
of unemployment within a benefit year
and the maximum amount of normal
benefits paid for days of sickness within
a benefit year shall not exceed an
employee’s compensation in the base
year. In determining an employee’s base
year compensation, any money
remuneration in a month not in excess
of an amount that bears the same ratio
to $775 as the monthly compensation
base for that year bears to $600 shall be
taken into account.
The calendar year 2006 monthly
compensation base is $1,195. The ratio
of $1,195 to $600 is 1.99166667.
Multiplying 1.99166667 by $775
produces $1,544. Accordingly, the
amount determined under section 2(c) is
$1,544 for months in calendar year
2006.
Under section 3, an employee shall be
a ‘‘qualified employee’’ if his/her base
year compensation is not less than 2.5
times the monthly compensation base
for months in such base year.
Multiplying 2.5 by the calendar year
2006 monthly compensation base of
$1,195 produces $2,987.50.
Accordingly, the amount determined
under section 3 is $2,987.50 for calendar
year 2006.
Under section 4(a–2)(i)(A), an
employee who leaves work voluntarily
without good cause is disqualified from
receiving unemployment benefits until
VerDate Aug<31>2005
13:56 Nov 15, 2005
Jkt 208001
he has been paid compensation of not
less than 2.5 times the monthly
compensation base for months in the
calendar year in which the
disqualification ends. Multiplying 2.5
by the calendar year 2006 monthly
compensation base of $1,195 produces
$2,987.50. Accordingly, the amount
determined under section 4(a–2)(i)(A) is
$2,987.50 for calendar year 2006.
Maximum Daily Benefit Rate
Section 2(a)(3) contains a formula for
determining the maximum daily benefit
rate for registration periods beginning
after June 30, 1989, and after each June
30 thereafter. Legislation enacted on
October 9, 1996, revised the formula for
indexing maximum daily benefit rates.
Under the prescribed formula, the
maximum daily benefit rate increases by
approximately two-thirds of the
cumulative growth in average national
wages since 1984. The maximum daily
benefit rate for registration periods
beginning after June 30, 2006, shall be
equal to 5 percent of the monthly
compensation base for the base year
immediately preceding the beginning of
the benefit year. Section 2(a)(3) further
provides that if the amount so computed
is not a multiple of $1, it shall be
rounded down to the nearest multiple of
$1.
The calendar year 2005 monthly
compensation base is $1,150.
Multiplying $1,150 by 0.05 yields
$57.50, which must then be rounded
down to $57. Accordingly, the
maximum daily benefit rate for days of
unemployment and days of sickness
beginning in registration periods after
June 30, 2006, is determined to be $57.
Dated: November 8, 2005.
By authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. 05–22724 Filed 11–15–05; 8:45 am]
BILLING CODE 7905–01–P
their desire to be supervised by the
Commission as a consolidated
supervised entity (‘‘CSE’’). LB, therefore,
has submitted an application to the
Commission for authorization to use the
alternative method of computing net
capital contained in Appendix E to Rule
15c3–1 (17 CFR 240.15c3–1e) to the
Securities Exchange Act of 1934
(‘‘Exchange Act’’).
Based on a review of the application
that LB submitted, the Commission has
determined that the application meets
the requirements of Appendix E. The
Commission also has determined that
LBHI is in compliance with the terms of
its undertakings, as provided to the
Commission under Appendix E. The
Commission, therefore, finds that
approval of the application is necessary
or appropriate in the public interest or
for the protection of investors.
Accordingly,
It is ordered, under paragraph (a)(7) of
Rule 15c3–1 (17 CFR 240.15c3–1) to the
Exchange Act, that LB may calculate net
capital using the market risk standards
of Appendix E to compute a deduction
for market risk on some or all of its
positions, instead of the provisions of
paragraphs (c)(2)(vi) and (c)(2)(vii) of
Rule 15c3–1, and using the credit risk
standards of Appendix E to compute a
deduction for credit risk on certain
credit exposures arising from
transactions in derivatives instruments,
instead of the provision of paragraph
(c)(2)(iv) of Rule 15c3–1.
By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–6327 Filed 11–15–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52752; File No. SR–NASD–
2004–044]
[Release No. 52753/November 9, 2005]
Securities Exchange Act of 1934;
Order Regarding Alternative Net
Capital Computation for Lehman
Brothers Inc., Which Has Elected To
Be Supervised on a Consolidated
Basis
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing of
Proposed Rule Change and
Amendments Nos. 1 and 2 Thereto
Relating to Short Sale Delivery
Requirements
November 8, 2005.
SECURITIES AND EXCHANGE
COMMISSION
Lehman Brothers Inc. (‘‘LB’’), a
broker-dealer registered with the
Securities and Exchange Commission
(‘‘Commission’’), and its ultimate
holding company, Lehman Brothers
Holdings Inc. (‘‘LBHI’’), have indicated
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1 thnsp; and Rule 19b–4
thereunder,2 notice is hereby given that
on March 10, 2005, the National
Association of Securities Dealers, Inc.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\16NON1.SGM
16NON1
]]>Agencies
[Federal Register Volume 70, Number 220 (Wednesday, November 16, 2005)]
[Notices]
[Pages 69613-69614]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22724]
=======================================================================
-----------------------------------------------------------------------
RAILROAD RETIREMENT BOARD
2006 Railroad Experience Rating Proclamations, Monthly
Compensation Base and Other Determinations
AGENCY: Railroad Retirement Board.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: Pursuant to section 8(c)(2) and section 12(r)(3) of the
Railroad Unemployment Insurance Act (Act) (45 U.S.C. 358(c)(2) and 45
U.S.C. 362(r)(3), respectively), the Board gives notice of the
following:
1. The balance to the credit of the Railroad Unemployment Insurance
(RUI) Account, as of June 30, 2005, is $113,140,562.89;
2. The September 30, 2005, balance of any new loans to the RUI
Account, including accrued interest, is zero;
3. The system compensation base is $3,174,496,243.69 as of June 30,
2005;
4. The cumulative system unallocated charge balance is
($269,505,519.27) as of June 30, 2005;
5. The pooled credit ratio for calendar year 2006 is zero;
6. The pooled charged ratio for calendar year 2006 is zero;
7. The surcharge rate for calendar year 2006 is 1.5 percent;
8. The monthly compensation base under section 1(i) of the Act is
$1,195 for months in calendar year 2006;
9. The amount described in section 1(k) of the Act as ``2.5 times
the monthly compensation base'' is $2,987.50 for base year (calendar
year) 2006;
10. The amount described in section 2(c) of the Act as ``an amount
that bears the same ratio to $775 as the monthly compensation base for
that year as computed under section 1(i) of this Act bears to $600'' is
$1,544 for months in calendar year 2006;
11. The amount described in section 3 of the Act as ``2.5 times the
monthly compensation base'' is $2,987.50 for base year (calendar year)
2006;
12. The amount described in section 4(a-2)(i)(A) of the Act as
``2.5 times the monthly compensation base'' is $2,987.50 with respect
to disqualifications ending in calendar year 2006;
13. The maximum daily benefit rate under section 2(a)(3) of the Act
is $57 with respect to days of unemployment and days of sickness in
registration periods beginning after June 30, 2006.
DATES: The balance in notice (1) and the determinations made in notices
(3) through (7) are based on data as of June 30, 2005. The balance in
notice (2) is based on data as of September 30, 2005. The
determinations made in notices (5) through (7) apply to the
calculation, under section 8(a)(1)(C) of the Act, of employer
contribution rates for 2006. The determinations made in notices (8)
through (12) are effective January 1, 2006. The determination made in
notice (13) is effective for registration periods beginning after June
30, 2006.
ADDRESSES: Secretary to the Board, Railroad Retirement Board, 844 Rush
Street, Chicago, Illinois 60611-2092.
FOR FURTHER INFORMATION CONTACT: Marla L. Huddleston, Bureau of the
Actuary, Railroad Retirement Board, 844 Rush Street, Chicago, Illinois
60611-2092, telephone (312) 751-4779.
SUPPLEMENTARY INFORMATION: The RRB is required by section 8(c)(1) of
the Railroad Unemployment Insurance Act (Act) (45 U.S.C. 358(c)(1)) as
amended by Public Law 100-647, to proclaim by October 15 of each year
certain system-wide factors used in calculating experience-based
employer contribution rates for the following year. The RRB is further
required by section 8(c)(2) of the Act (45 U.S.C. 358(c)(2)) to publish
the amounts so determined and proclaimed. The RRB is required by
section 12(r)(3) of the Act (45 U.S.C. 362(r)(3)) to publish by
December 11, 2005, the computation of the calendar year 2006 monthly
compensation base (section 1(i) of the Act) and amounts described in
sections 1(k), 2(c), 3 and 4(a-2)(i)(A) of the Act which are related to
changes in the monthly compensation base. Also, the RRB is required to
publish, by June 11, 2006, the maximum daily benefit rate under section
2(a)(3) of the Act for days of unemployment and days of sickness in
registration periods beginning after June 30, 2006.
Surcharge Rate
A surcharge is added in the calculation of each employer's
contribution rate, subject to the applicable maximum rate, for a
calendar year whenever the balance to the credit of the RUI Account on
the preceding June 30 is less than the greater of $100 million or the
amount that bears the same ratio to $100 million as the system
compensation base for that June 30 bears to the system compensation
base as of June 30, 1991. If the RUI Account balance is less than $100
million (as indexed), but at least $50 million (as indexed), the
surcharge will be 1.5 percent. If the RUI Account balance is less than
$50 million (as indexed), but greater than zero, the surcharge will be
2.5 percent. The maximum surcharge of 3.5 percent applies if the RUI
Account balance is less than zero.
The system compensation base as of June 30, 1991 was
$2,763,287,237.04. The system compensation base for June 30, 2005 was
$3,174,496,243.69. The ratio of $3,174,496,243.69 to $2,763,287,237.04
is 1.14881153. Multiplying 1.14881153 by $100 million yields
$114,881,153. Multiplying $50 million by 1.14881153 produces
$57,440,577. The Account balance on June 30, 2005, was $113,140,562.89.
Accordingly, the surcharge rate for calendar year 2006 is 1.5 percent.
Monthly Compensation Base
For years after 1988, section 1(i) of the Act contains a formula
for determining the monthly compensation base. Under the prescribed
formula, the monthly compensation base increases by approximately two-
thirds of the cumulative growth in average national wages since 1984.
The monthly compensation base for months in calendar year 2006 shall be
equal to the greater of (a) $600 or (b) $600 [1 + {(A-37,800)/
56,700{time} ], where A equals the amount of the applicable base with
respect to tier 1 taxes for 2006 under section 3231(e)(2) of the
Internal Revenue Code of 1986. Section 1(i) further provides that if
the amount so determined is not a multiple of $5, it shall be rounded
to the nearest multiple of $5.
[[Page 69614]]
The calendar year 2006 tier 1 tax base is $94,200. Subtracting
$37,800 from $94,200 produces $56,400. Dividing $56,400 by $56,700
yields a ratio of 0.99470899. Adding one gives 1.99470899. Multiplying
$600 by the amount 1.99470899 produces the amount of $1,196.83, which
must then be rounded to $1,195. Accordingly, the monthly compensation
base is determined to be $1,195 for months in calendar year 2006.
Amounts Related to Changes in Monthly Compensation Base
For years after 1988, sections 1(k), 2(c), 3 and 4(a-2)(i)(A) of
the Act contain formulas for determining amounts related to the monthly
compensation base.
Under section 1(k), remuneration earned from employment covered
under the Act cannot be considered subsidiary remuneration if the
employee's base year compensation is less than 2.5 times the monthly
compensation base for months in such base year. Multiplying 2.5 by the
calendar year 2006 monthly compensation base of $1,195 produces
$2,987.50. Accordingly, the amount determined under section 1(k) is
$2,987.50 for calendar year 2006.
Under section 2(c), the maximum amount of normal benefits paid for
days of unemployment within a benefit year and the maximum amount of
normal benefits paid for days of sickness within a benefit year shall
not exceed an employee's compensation in the base year. In determining
an employee's base year compensation, any money remuneration in a month
not in excess of an amount that bears the same ratio to $775 as the
monthly compensation base for that year bears to $600 shall be taken
into account.
The calendar year 2006 monthly compensation base is $1,195. The
ratio of $1,195 to $600 is 1.99166667. Multiplying 1.99166667 by $775
produces $1,544. Accordingly, the amount determined under section 2(c)
is $1,544 for months in calendar year 2006.
Under section 3, an employee shall be a ``qualified employee'' if
his/her base year compensation is not less than 2.5 times the monthly
compensation base for months in such base year. Multiplying 2.5 by the
calendar year 2006 monthly compensation base of $1,195 produces
$2,987.50. Accordingly, the amount determined under section 3 is
$2,987.50 for calendar year 2006.
Under section 4(a-2)(i)(A), an employee who leaves work voluntarily
without good cause is disqualified from receiving unemployment benefits
until he has been paid compensation of not less than 2.5 times the
monthly compensation base for months in the calendar year in which the
disqualification ends. Multiplying 2.5 by the calendar year 2006
monthly compensation base of $1,195 produces $2,987.50. Accordingly,
the amount determined under section 4(a-2)(i)(A) is $2,987.50 for
calendar year 2006.
Maximum Daily Benefit Rate
Section 2(a)(3) contains a formula for determining the maximum
daily benefit rate for registration periods beginning after June 30,
1989, and after each June 30 thereafter. Legislation enacted on October
9, 1996, revised the formula for indexing maximum daily benefit rates.
Under the prescribed formula, the maximum daily benefit rate increases
by approximately two-thirds of the cumulative growth in average
national wages since 1984. The maximum daily benefit rate for
registration periods beginning after June 30, 2006, shall be equal to 5
percent of the monthly compensation base for the base year immediately
preceding the beginning of the benefit year. Section 2(a)(3) further
provides that if the amount so computed is not a multiple of $1, it
shall be rounded down to the nearest multiple of $1.
The calendar year 2005 monthly compensation base is $1,150.
Multiplying $1,150 by 0.05 yields $57.50, which must then be rounded
down to $57. Accordingly, the maximum daily benefit rate for days of
unemployment and days of sickness beginning in registration periods
after June 30, 2006, is determined to be $57.
Dated: November 8, 2005.
By authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. 05-22724 Filed 11-15-05; 8:45 am]
BILLING CODE 7905-01-P
