2009 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 66078-66079 [E8-26474]

Download as PDF 66078 Federal Register / Vol. 73, No. 216 / Thursday, November 6, 2008 / Notices to serve as officer of the Commission (Public Representative) to represent the interests of the general public in these proceedings. 3. Comments by interested persons in these proceedings are due no later than November 7, 2008. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Steven W. Williams, Secretary. [FR Doc. E8–26518 Filed 11–5–08; 8:45 am] BILLING CODE 7710–FW–P Wednesday, November 12, 2008, at 12:30 p.m.; and Thursday, November 13, 2008, at 8:30 a.m. and 11a.m. PLACE: Washington, DC, at U.S. Postal Service Headquarters, 475 L’Enfant Plaza, SW., in the Benjamin Franklin Room. STATUS: November 12—12:30 p.m.— Closed; November 13—8:30 a.m.— Open; November 13—11 a.m.—Closed. MATTERS TO BE CONSIDERED: DATE AND TIME: Wednesday, November 12 at 12:30 p.m. (Closed) 1. Strategic Issues. 2. Financial Matters. 3. Pricing. 4. Personnel Matters and Compensation Issues. 5. Governors’ Executive Session— Discussion of prior agenda items and Board Governance. sroberts on PROD1PC70 with NOTICES Thursday, November 13 at 8:30 a.m. (Open) 1. Minutes of the Previous Meetings, September 23–24, and October 20–21, 2008. 2. Remarks of the Chairman of the Board. 3. Remarks of the Postmaster General and CEO. 4. Committee Reports. 5. Quarterly Report on Service Performance. 6. Consideration of Fiscal Year 2008 Audited Financial Statements and Postal Service Annual Report. 7. Tentative Agenda for the December 2–3, 2008, meeting in Washington, DC. VerDate Aug<31>2005 19:11 Nov 05, 2008 Jkt 217001 BILLING CODE 7710–12–P RAILROAD RETIREMENT BOARD 2009 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations ACTION: Sunshine Act Meeting 1. Continuation of Wednesday’s closed session agenda. Julie S. Moore, Secretary. [FR Doc. E8–26555 Filed 11–4–08; 11:15 am] Railroad Retirement Board. Notice. AGENCY: POSTAL SERVICE BOARD OF GOVERNORS Thursday, November 13 at 11 a.m. (Closed)—If Needed Julie S. Moore, Secretary of the Board, U.S. Postal Service, 475 L’Enfant Plaza, SW., Washington, DC 20260–1000. Telephone (202) 268–4800. FOR FURTHER INFORMATION CONTACT: 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, 2008, is $122,524,603.90; 2. The September 30, 2008, balance of any new loans to the RUI Account, including accrued interest, is zero; 3. The system compensation base is $3,596,278,039.12 as of June 30, 2008; 4. The cumulative system unallocated charge balance is ($305,933,872.49) as of June 30, 2008; 5. The pooled credit ratio for calendar year 2009 is zero; 6. The pooled charged ratio for calendar year 2009 is zero; 7. The surcharge rate for calendar year 2009 is 1.5 percent; 8. The monthly compensation base under section 1(i) of the Act is $1,330 for months in calendar year 2009; 9. The amount described in sections 1(k) and 3 of the Act as ‘‘2.5 times the monthly compensation base’’ is $3,325 for base year (calendar year) 2009; 10. The amount described in section 4(a–2)(i)(A) of the Act as ‘‘2.5 times the monthly compensation base’’ is $3,325 with respect to disqualifications ending in calendar year 2009; 11. 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 $1,718 for months in calendar year 2009; 12. The maximum daily benefit rate under section 2(a)(3) of the Act is $64 with respect to days of unemployment and days of sickness in registration periods beginning after June 30, 2009. PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 The balance in notice (1) and the determinations made in notices (3) through (7) are based on data as of June 30, 2008. The balance in notice (2) is based on data as of September 30, 2008. 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 2009. The determinations made in notices (8) through (12) are effective January 1, 2009. The determination made in notice (13) is effective for registration periods beginning after June 30, 2009. 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, 2008, the computation of the calendar year 2009 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, 2009, 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, 2009. DATES: 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 E:\FR\FM\06NON1.SGM 06NON1 Federal Register / Vol. 73, No. 216 / Thursday, November 6, 2008 / Notices 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, 2008 was $3,596,278,039.12. The ratio of $3,596,278,039.12 to $2,763,287,237.04 is 1.30144923. Multiplying 1.30144923 by $100 million yields $130,144,923. Multiplying $50 million by 1.30144923 produces $65,072,462. The Account balance on June 30, 2008, was $122,524,603.90. Accordingly, the surcharge rate for calendar year 2009 is 1.5 percent. sroberts on PROD1PC70 with NOTICES 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 2009 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 2009 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 2009 tier 1 tax base is $106,800. Subtracting $37,800 from $106,800 produces $69,000. Dividing $69,000 by $56,700 yields a ratio of 1.21693122. Adding one gives 2.21693122. Multiplying $600 by the amount 2.21693122 produces the amount of $1,330.16, which must then be rounded to $1,330. Accordingly, the monthly compensation base is determined to be $1,330 for months in calendar year 2009. Amounts Related to Changes in Monthly Compensation Base For years after 1988, sections 1(k), 3, 4(a–2)(i)(A) and 2(c) 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. Under section 3, an employee shall be a ‘‘qualified employee’’ if his/her base year compensation is not less than 2.5 times VerDate Aug<31>2005 19:11 Nov 05, 2008 Jkt 217001 the monthly compensation base for months in such base year. 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 2009 monthly compensation base of $1,330 produces $3,325. Accordingly, the amount determined under sections 1(k), 3 and 4(a–2)(i)(A) is $3,325 for calendar year 2009. 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 2009 monthly compensation base is $1,330. The ratio of $1,330 to $600 is 2.21666667. Multiplying 2.21666667 by $775 produces $1,718. Accordingly, the amount determined under section 2(c) is $1,718 for months in calendar year 2009. 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, 2009, 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 2008 monthly compensation base is $1,280. Multiplying $1,280 by 0.05 yields $64.00, an even multiple of $1. Accordingly, the maximum daily benefit rate for days of unemployment and days of sickness beginning in registration PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 66079 periods after June 30, 2009, is determined to be $64. Dated: October 31, 2008. By Authority of the Board. Beatrice Ezerski, Secretary to the Board. [FR Doc. E8–26474 Filed 11–5–08; 8:45 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IC–28481] Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940 October 31, 2008. The following is a notice of applications for deregistration under section 8(f) of the Investment Company Act of 1940 for the month of October, 2008. A copy of each application may be obtained for a fee at the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549–1520 (tel. 202–551–5850). An order granting each application will be issued unless the SEC orders a hearing. Interested persons may request a hearing on any application by writing to the SEC’s Secretary at the address below and serving the relevant applicant with a copy of the request, personally or by mail. Hearing requests should be received by the SEC by 5:30 p.m. on November 20, 2008, and should be accompanied by proof of service on the applicant, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090. FOR FURTHER INFORMATION CONTACT: Diane L. Titus at (202) 551–6810, SEC, Division of Investment Management, Office of Investment Company Regulation, 100 F Street, NE., Washington, DC 20549–4041. Eaton Vance Municipal Bond Fund L.P. [File No. 811–2778] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On December 31, 1997, applicant transferred its assets to Eaton Vance Municipal Bond Fund, a series of Eaton Vance Mutual Funds Trust, based on net asset value. Expenses of $15,000 incurred in E:\FR\FM\06NON1.SGM 06NON1

Agencies

[Federal Register Volume 73, Number 216 (Thursday, November 6, 2008)]
[Notices]
[Pages 66078-66079]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-26474]


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RAILROAD RETIREMENT BOARD


2009 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, 2008, is $122,524,603.90;
    2. The September 30, 2008, balance of any new loans to the RUI 
Account, including accrued interest, is zero;
    3. The system compensation base is $3,596,278,039.12 as of June 30, 
2008;
    4. The cumulative system unallocated charge balance is 
($305,933,872.49) as of June 30, 2008;
    5. The pooled credit ratio for calendar year 2009 is zero;
    6. The pooled charged ratio for calendar year 2009 is zero;
    7. The surcharge rate for calendar year 2009 is 1.5 percent;
    8. The monthly compensation base under section 1(i) of the Act is 
$1,330 for months in calendar year 2009;
    9. The amount described in sections 1(k) and 3 of the Act as ``2.5 
times the monthly compensation base'' is $3,325 for base year (calendar 
year) 2009;
    10. The amount described in section 4(a-2)(i)(A) of the Act as 
``2.5 times the monthly compensation base'' is $3,325 with respect to 
disqualifications ending in calendar year 2009;
    11. 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 
$1,718 for months in calendar year 2009;
    12. The maximum daily benefit rate under section 2(a)(3) of the Act 
is $64 with respect to days of unemployment and days of sickness in 
registration periods beginning after June 30, 2009.

DATES: The balance in notice (1) and the determinations made in notices 
(3) through (7) are based on data as of June 30, 2008. The balance in 
notice (2) is based on data as of September 30, 2008. 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 2009. The determinations made in notices (8) 
through (12) are effective January 1, 2009. The determination made in 
notice (13) is effective for registration periods beginning after June 
30, 2009.

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, 2008, the computation of the calendar year 2009 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, 2009, 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, 2009.

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

[[Page 66079]]

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, 2008 was 
$3,596,278,039.12. The ratio of $3,596,278,039.12 to $2,763,287,237.04 
is 1.30144923. Multiplying 1.30144923 by $100 million yields 
$130,144,923. Multiplying $50 million by 1.30144923 produces 
$65,072,462. The Account balance on June 30, 2008, was $122,524,603.90. 
Accordingly, the surcharge rate for calendar year 2009 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 2009 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 2009 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 2009 tier 1 tax base is $106,800. Subtracting 
$37,800 from $106,800 produces $69,000. Dividing $69,000 by $56,700 
yields a ratio of 1.21693122. Adding one gives 2.21693122. Multiplying 
$600 by the amount 2.21693122 produces the amount of $1,330.16, which 
must then be rounded to $1,330. Accordingly, the monthly compensation 
base is determined to be $1,330 for months in calendar year 2009.

Amounts Related to Changes in Monthly Compensation Base

    For years after 1988, sections 1(k), 3, 4(a-2)(i)(A) and 2(c) 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. 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. 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 2009 monthly compensation base 
of $1,330 produces $3,325. Accordingly, the amount determined under 
sections 1(k), 3 and 4(a-2)(i)(A) is $3,325 for calendar year 2009.
    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 2009 monthly compensation base is $1,330. The 
ratio of $1,330 to $600 is 2.21666667. Multiplying 2.21666667 by $775 
produces $1,718. Accordingly, the amount determined under section 2(c) 
is $1,718 for months in calendar year 2009.

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, 2009, 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 2008 monthly compensation base is $1,280. 
Multiplying $1,280 by 0.05 yields $64.00, an even multiple of $1. 
Accordingly, the maximum daily benefit rate for days of unemployment 
and days of sickness beginning in registration periods after June 30, 
2009, is determined to be $64.


    Dated: October 31, 2008.

    By Authority of the Board.
Beatrice Ezerski,
Secretary to the Board.
[FR Doc. E8-26474 Filed 11-5-08; 8:45 am]
BILLING CODE 7905-01-P