2008 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 64092-64094 [E7-22267]

Download as PDF 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—http://www.nrc.gov. VerDate Aug<31>2005 18:23 Nov 13, 2007 Jkt 214001 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—http://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: http://www.nrc.gov/about-nrc/policymaking/schedule.html. * * * * * PO 00000 Frm 00055 Fmt 4703 Sfmt 4703 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; E:\FR\FM\14NON1.SGM 14NON1 mstockstill on PROD1PC66 with NOTICES 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 VerDate Aug<31>2005 18:23 Nov 13, 2007 Jkt 214001 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 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 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 E:\FR\FM\14NON1.SGM 14NON1 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 VerDate Aug<31>2005 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 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 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 E:\FR\FM\14NON1.SGM 14NON1

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

[[Page 64094]]

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