2008 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 64092-64094 [E7-22267]
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64092
Federal Register / Vol. 72, No. 219 / Wednesday, November 14, 2007 / Notices
Week of November 19, 2007—Tentative
FOR FURTHER INFORMATION CONTACT:
Aaron T. McCraw, e-mail: atm@nrc.gov,
telephone: (301) 415–1277.
Conduct of the Meeting
Mr. Thomas E. Hill will chair the
meeting. Mr. Hill will conduct the
meeting in a manner that will facilitate
the orderly conduct of business. The
following procedures apply to public
participation in the meeting:
1. Persons who wish to provide a
written statement should submit an
electronic copy to Mr. McCraw at the
contact information listed above. All
submittals must be received by
November 20, 2007, and must pertain to
the topics on the agenda for the meeting.
2. Questions and comments from
members of the public will be permitted
during the meeting, at the discretion of
the Chairman.
3. The transcript and written
comments will be available for
inspection at the NRC Public Document
Room, 11555 Rockville Pike, Rockville,
Maryland 20852–2738, telephone (800)
397–4209, on or about March 1, 2008.
4. Persons who require special
services, such as those for the hearing
impaired, should notify Mr. McCraw of
their planned attendance.
This meeting will be held in
accordance with the Atomic Energy Act
of 1954, as amended (primarily section
161a); the Federal Advisory Committee
Act (5 U.S.C. App.); and the
Commission’s regulations in Title 10,
U.S. Code of Federal Regulations, Part 7.
Dated: November 6, 2007.
Andrew L. Bates,
Advisory Committee Management Officer.
[FR Doc. E7–22184 Filed 11–13–07; 8:45 am]
BILLING CODE 7590–01–P
NUCLEAR REGULATORY
COMMISSION
Sunshine Federal Register Notice
Weeks of November 12, 19, 26,
December 3, 10, 17, 2007.
PLACE: Commissioners’ Conference
Room, 11555 Rockville Pike, Rockville,
Maryland.
STATUS: Public and Closed.
MATTERS TO BE CONSIDERED:
DATES:
mstockstill on PROD1PC66 with NOTICES
Week of November 12, 2007
Wednesday, November 14, 2007—
9:30 a.m. Meeting with Advisory
Committee on Nuclear Waste and
Materials (ACNW&M) (Public
Meeting) (Contact: Antonio Dias,
301 415–6805)
This meeting will be webcast live at
the Web address—https://www.nrc.gov.
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Tuesday, November 20, 2007—
9:05 a.m. Affirmation Session (Public
Meeting) (Tentative).
a. Pacific Gas and Electric Co. (Diablo
Canyon ISFSI), Docket No. 72–26–
ISFSI, San Luis Obispo Mothers for
Peace’s Contentions and Request for
a Hearing Regarding Diablo Canyon
Environmental Assessment
Supplement (Tentative).
b. Dominion Nuclear North Anna,
LLC (Early Site Permit for North
Anna ESP Site), LBP–07–9 (June 9,
2007) (Tentative).
Week of November 26, 2007—Tentative
Tuesday, November 27, 2007—
9:30 a.m. Discussion of Security Issues
(Closed—Ex. 1 & 3)
1:30 p.m. Briefing on Equal
Employment Opportunity (EEO)
Programs (Public Meeting) (Contact:
Sandra Talley, 301 415–8059)
This meeting will be webcast live at
the Web address—https://www.nrc.gov.
Week of December 3, 2007—Tentative
The NRC provides reasonable
accommodation to individuals with
disabilities where appropriate. If you
need a reasonable accommodation to
participate in these public meetings, or
need this meeting notice or the
transcript or other information from the
public meetings in another format (e.g.
braille, large print), please notify the
NRC’s Disability Program Coordinator,
Rohn Brown, at 301–492–2279, TDD:
301–415–2100, or by e-mail at
REB3@nrc.gov. Determinations on
requests for reasonable accommodation
will be made on a case-by-case basis.
*
*
*
*
*
This notice is distributed by mail to
several hundred subscribers; if you no
longer wish to receive it, or would like
to be added to the distribution, please
contact the Office of the Secretary,
Washington, DC 20555 (301–415–1969).
In addition, distribution of this meeting
notice over the Internet system is
available. If you are interested in
receiving this Commission meeting
schedule electronically, please send an
electronic message to dkw@nrc.gov.
Friday, December 7, 2007
10 a.m. Discussion of
Intragovernmental Issues (Closed—
Ex. 1 & 9)
2 p.m. Briefing on Threat Environment
Assessment (Closed—Ex. 1)
Dated: November 8, 2007.
R. Michelle Schroll,
Office of the Secretary.
[FR Doc. 07–5685 Filed 11–9–07; 12:16 pm]
Week of December 10, 2007—Tentative
RAILROAD RETIREMENT BOARD
Wednesday, December 12, 2007
9:30 a.m. Discussion of Management
Issues (Closed—Ex. 2)
2008 Railroad Experience Rating
Proclamations, Monthly Compensation
Base and Other Determinations
Thursday, December 13, 2007
9:30 a.m. Discussion of Management
Issues (Closed—Ex. 2)
Week of December 17, 2007—Tentative
There are no meetings scheduled for
the Week of December 17, 2007.
*
*
*
*
*
*The schedule for Commission
meetings is subject to change on short
notice. To verify the status of meetings,
call (recording)—(301) 415–1292.
Contact person for more information:
Michelle Schroll, (301) 415–1662.
Additional Information
‘‘Briefing on Threat Environment
Assessment (Closed—Ex. 1)’’ previously
scheduled for Tuesday, December 4,
2007, at 9:30 a.m. has been rescheduled
on Friday, December 7, 2007, at 2 p.m.
*
*
*
*
*
The NRC Commission Meeting
Schedule can be found on the Internet
at: https://www.nrc.gov/about-nrc/policymaking/schedule.html.
*
*
*
*
*
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BILLING CODE 7590–01–P
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, 2007, is
$119,250,233.05;
2. The September 30, 2007, balance of
any new loans to the RUI Account,
including accrued interest, is zero;
3. The system compensation base is
$3,522,368,374.78 as of June 30, 2007;
4. The cumulative system unallocated
charge balance is ($292,991,595.22) as of
June 30, 2007;
5. The pooled credit ratio for calendar
year 2008 is zero;
6. The pooled charged ratio for
calendar year 2008 is zero;
7. The surcharge rate for calendar year
2008 is 1.5 percent;
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Federal Register / Vol. 72, No. 219 / Wednesday, November 14, 2007 / Notices
8. The monthly compensation base
under section 1(i) of the Act is $1,280
for months in calendar year 2008;
9. The amount described in section
1(k) of the Act as ‘‘2.5 times the monthly
compensation base’’ is $3,200 for base
year (calendar year) 2008;
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 $1,653 for months in
calendar year 2008;
11. The amount described in section
3 of the Act as ‘‘2.5 times the monthly
compensation base’’ is $3,200 for base
year (calendar year) 2008;
12. The amount described in section
4(a-2)(i)(A) of the Act as ‘‘2.5 times the
monthly compensation base’’ is $3,200
with respect to disqualifications ending
in calendar year 2008;
13. The maximum daily benefit rate
under section 2(a)(3) of the Act is $61
with respect to days of unemployment
and days of sickness in registration
periods beginning after June 30, 2008.
DATES: The balance in notice (1) and the
determinations made in notices (3)
through (7) are based on data as of June
30, 2007. The balance in notice (2) is
based on data as of September 30, 2007.
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 2008.
The determinations made in notices (8)
through (12) are effective January 1,
2008. The determination made in notice
(13) is effective for registration periods
beginning after June 30, 2008.
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, 2007, the
computation of the calendar year 2008
monthly compensation base (section 1(i)
of the Act) and amounts described in
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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, 2008, 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, 2008.
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,
2007 was $3,522,368,374.78. The ratio
of $3,522,368,374.78 to
$2,763,287,237.04 is 1.27470222.
Multiplying 1.27470222 by $100 million
yields $127,470,222. Multiplying $50
million by 1.27470222 produces
$63,735,111. The Account balance on
June 30, 2007, was $119,250,233.05.
Accordingly, the surcharge rate for
calendar year 2008 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 2008 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 2008 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.
The calendar year 2008 tier 1 tax base
is $102,000. Subtracting $37,800 from
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64093
$102,000 produces $64,200. Dividing
$64,200 by $56,700 yields a ratio of
1.13227513. Adding one gives
2.13227513. Multiplying $600 by the
amount 2.13227513 produces the
amount of $1,279.37, which must then
be rounded to $1,280. Accordingly, the
monthly compensation base is
determined to be $1,280 for months in
calendar year 2008.
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 2008 monthly
compensation base of $1,280 produces
$3,200. Accordingly, the amount
determined under section 1(k) is $3,200
for calendar year 2008.
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
2008 monthly compensation base is
$1,280. The ratio of $1,280 to $600 is
2.13333333. Multiplying 2.13333333 by
$775 produces $1,653. Accordingly, the
amount determined under section 2(c) is
$1,653 for months in calendar year
2008.
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
2008 monthly compensation base of
$1,280 produces $3,200. Accordingly,
the amount determined under section 3
is $3,200 for calendar year 2008.
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
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64094
Federal Register / Vol. 72, No. 219 / Wednesday, November 14, 2007 / Notices
disqualification ends. Multiplying 2.5
by the calendar year 2008 monthly
compensation base of $1,280 produces
$3,200. Accordingly, the amount
determined under section 4(a–2)(i)(A) is
$3,200 for calendar year 2008.
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, 2008, 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 2007 monthly
compensation base is $1,230.
Multiplying $1,230 by 0.05 yields
$61.50, which must then be rounded
down to $61. Accordingly, the
maximum daily benefit rate for days of
unemployment and days of sickness
beginning in registration periods after
June 30, 2008, is determined to be $61.
Dated: November 7, 2007.
By Authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. E7–22267 Filed 11–13–07; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
mstockstill on PROD1PC66 with NOTICES
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold an Open Meeting on
Thursday, November 15, 2007 at 10
a.m., in Room L–002, the Auditorium.
The subject matters of the Open
Meeting will be:
1. The Commission will consider rule
proposals to improve mutual fund
disclosure by providing investors with a
summary prospectus containing key
information in plain English in a clear
and concise format, and by enhancing
the availability on the Internet of more
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18:23 Nov 13, 2007
Jkt 214001
detailed information to investors. The
Commission also will consider whether
to propose related amendments to Form
N–1A.
2. The Commission will consider
whether to adopt amendments to Form
20–F, Rules 1–02, 3–10 and 4–01 of
Regulation S–X, Forms F–4 and S–4,
and Rule 701 under the Securities Act
to accept financial statements prepared
in accordance with International
Financial Reporting Standards as issued
by the International Accounting
Standards Board without reconciliation
to generally accepted accounting
principles as used in the United States
when contained in the filings of foreign
private issuers with the Commission.
3. The Commission will consider
whether to adopt amendments to its
disclosure and reporting requirements
under the Securities Act of 1933 and
Securities Exchange Act of 1934 to
expand the number of companies that
qualify for scaled disclosure
requirements for smaller reporting
companies. Companies with less than
$75 million in public equity float would
qualify for the scaled requirements, and
companies without a calculable public
equity float would qualify if their
annual revenues were below $50
million. To streamline and simplify
regulation, the amendments to be
considered would move the scaled
disclosure requirements from
Regulation S–B into Regulation S–K and
would eliminate the ‘‘SB’’ forms.
4. The Commission will consider
whether to adopt amendments to Rule
144 to shorten the holding period for the
resale of restricted securities if the
issuer of the securities is subject to the
Exchange Act reporting requirements.
The amendments also substantially
reduce the restrictions applicable to
resales of restricted securities by nonaffiliates of both reporting and nonreporting companies. In addition, the
amendments codify several staff
interpretations relating to Rule 144 and
revise the manner of sale requirements,
volume limitations, and Form 144 filing
thresholds. Finally, the Commission
also will consider whether to adopt
related amendments to Rule 145.
5. The Commission will consider
whether to adopt amendments to Rule
12h–1 under the Exchange Act to
provide two exemptions from the
registration requirements of the
Exchange Act for compensatory
employee stock options. The first
exemption would be available to issuers
that are not required to file periodic
reports under the Exchange Act, and the
second exemption would be available to
issuers that are required to file those
reports because they have registered a
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class of security under section 12 of the
Exchange Act or are required to file
those reports pursuant to section 15(d)
of the Exchange Act.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: November 7, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–22169 Filed 11–13–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56761; SR–Amex–2007–65;
SR–BSE–2007–45; SR–CBOE–2007–64; SR–
ISE–2007–44; SR–NYSEArca–2007–65]
Self-Regulatory Organizations;
American Stock Exchange LLC;
Boston Stock Exchange, Inc.; Chicago
Board Options Exchange,
Incorporated; International Securities
Exchange, LLC; Order Approving
Proposed Rule Changes; and
NYSEArca, Inc.; Order Approving
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
the Definition of a Complex Trade
November 7, 2007.
I. Introduction
On June 27, 2007, September 13,
2007, June 12, 2007, June 1, 2007, and
July 6, 2007, the American Stock
Exchange LLC (‘‘Amex’’), the Boston
Stock Exchange, Inc. (‘‘BSE’’), the
Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’), the
International Securities Exchange, LLC
(‘‘ISE’’), and NYSE Arca, Inc. (‘‘NYSE
Arca’’) (each, an ‘‘Exchange’’ and,
collectively, the ‘‘Exchanges’’),
respectively, filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 proposed rule changes to
amend each of their respective rules
governing the operation of the
Intermarket Option Linkage (‘‘Linkage’’)
to modify the definition of ‘‘complex
trade’’ to include stock-option trades.
On July 11, 2007, NYSE Arca filed
Amendment No. 1 to its proposed rule
change.3 The proposed rule changes, as
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 to SR–NYSEArca–2007–65
effected technical corrections to the proposed rule
change.
2 17
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]]>Agencies
[Federal Register Volume 72, Number 219 (Wednesday, November 14, 2007)]
[Notices]
[Pages 64092-64094]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22267]
=======================================================================
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RAILROAD RETIREMENT BOARD
2008 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, 2007, is $119,250,233.05;
2. The September 30, 2007, balance of any new loans to the RUI
Account, including accrued interest, is zero;
3. The system compensation base is $3,522,368,374.78 as of June 30,
2007;
4. The cumulative system unallocated charge balance is
($292,991,595.22) as of June 30, 2007;
5. The pooled credit ratio for calendar year 2008 is zero;
6. The pooled charged ratio for calendar year 2008 is zero;
7. The surcharge rate for calendar year 2008 is 1.5 percent;
[[Page 64093]]
8. The monthly compensation base under section 1(i) of the Act is
$1,280 for months in calendar year 2008;
9. The amount described in section 1(k) of the Act as ``2.5 times
the monthly compensation base'' is $3,200 for base year (calendar year)
2008;
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
$1,653 for months in calendar year 2008;
11. The amount described in section 3 of the Act as ``2.5 times the
monthly compensation base'' is $3,200 for base year (calendar year)
2008;
12. The amount described in section 4(a-2)(i)(A) of the Act as
``2.5 times the monthly compensation base'' is $3,200 with respect to
disqualifications ending in calendar year 2008;
13. The maximum daily benefit rate under section 2(a)(3) of the Act
is $61 with respect to days of unemployment and days of sickness in
registration periods beginning after June 30, 2008.
DATES: The balance in notice (1) and the determinations made in notices
(3) through (7) are based on data as of June 30, 2007. The balance in
notice (2) is based on data as of September 30, 2007. 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 2008. The determinations made in notices (8)
through (12) are effective January 1, 2008. The determination made in
notice (13) is effective for registration periods beginning after June
30, 2008.
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, 2007, the computation of the calendar year 2008 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, 2008, 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, 2008.
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, 2007 was
$3,522,368,374.78. The ratio of $3,522,368,374.78 to $2,763,287,237.04
is 1.27470222. Multiplying 1.27470222 by $100 million yields
$127,470,222. Multiplying $50 million by 1.27470222 produces
$63,735,111. The Account balance on June 30, 2007, was $119,250,233.05.
Accordingly, the surcharge rate for calendar year 2008 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 2008 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 2008 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.
The calendar year 2008 tier 1 tax base is $102,000. Subtracting
$37,800 from $102,000 produces $64,200. Dividing $64,200 by $56,700
yields a ratio of 1.13227513. Adding one gives 2.13227513. Multiplying
$600 by the amount 2.13227513 produces the amount of $1,279.37, which
must then be rounded to $1,280. Accordingly, the monthly compensation
base is determined to be $1,280 for months in calendar year 2008.
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 2008 monthly compensation base of $1,280 produces $3,200.
Accordingly, the amount determined under section 1(k) is $3,200 for
calendar year 2008.
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 2008 monthly compensation base is
$1,280. The ratio of $1,280 to $600 is 2.13333333. Multiplying
2.13333333 by $775 produces $1,653. Accordingly, the amount determined
under section 2(c) is $1,653 for months in calendar year 2008.
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 2008 monthly compensation base of $1,280 produces $3,200.
Accordingly, the amount determined under section 3 is $3,200 for
calendar year 2008.
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
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disqualification ends. Multiplying 2.5 by the calendar year 2008
monthly compensation base of $1,280 produces $3,200. Accordingly, the
amount determined under section 4(a-2)(i)(A) is $3,200 for calendar
year 2008.
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, 2008, 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 2007 monthly compensation base is $1,230.
Multiplying $1,230 by 0.05 yields $61.50, which must then be rounded
down to $61. Accordingly, the maximum daily benefit rate for days of
unemployment and days of sickness beginning in registration periods
after June 30, 2008, is determined to be $61.
Dated: November 7, 2007.
By Authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. E7-22267 Filed 11-13-07; 8:45 am]
BILLING CODE 7905-01-P
