2018 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 57789-57790 [2017-26430]
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Federal Register / Vol. 82, No. 234 / Thursday, December 7, 2017 / Notices
POSTAL SERVICE
Product Change—Priority Mail
Express, Priority Mail, & First-Class
Package Service Negotiated Service
Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of notice required under 39
U.S.C. 3642(d)(1): December 7, 2017.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 1,
2017, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail, &
First-Class Package Service Contract 30
to Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2018–40, CP2018–70.
SUMMARY:
Elizabeth A. Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2017–26347 Filed 12–6–17; 8:45 am]
BILLING CODE 7710–12–P
RAILROAD RETIREMENT BOARD
2018 Railroad Experience Rating
Proclamations, Monthly Compensation
Base and Other Determinations
Railroad Retirement Board.
Notice.
AGENCY:
ACTION:
As required by the Railroad
Unemployment Insurance Act (Act), the
Railroad Retirement Board (RRB) hereby
publishes its notice for calendar year
2018 of account balances, factors used
in calculating experience-based
employer contribution rates,
computation of amounts related to the
monthly compensation base, and the
maximum daily benefit rate for days of
unemployment or sickness.
DATES: The balance in notice (1) and the
determinations made in notices (3)
through (7) are based on data as of June
30, 2017. The balance in notice (2) is
based on data as of September 30, 2017.
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 2018.
The determinations made in notices (8)
sradovich on DSK3GMQ082PROD with NOTICES
SUMMARY:
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18:50 Dec 06, 2017
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through (11) are effective January 1,
2018. The determination made in notice
(12) is effective for registration periods
beginning after June 30, 2018.
ADDRESSES: Secretary to the Board,
Railroad Retirement Board, 844 Rush
Street, Chicago, Illinois 60611–1275.
FOR FURTHER INFORMATION CONTACT:
Michael J. Rizzo, Bureau of the Actuary
and Research, Railroad Retirement
Board, 844 Rush Street, Chicago, Illinois
60611–1275, telephone (312) 751–4771.
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, 2017, the
computation of the calendar year 2018
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, 2018, 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, 2018. 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, 2017, is
$97,732,177.41;
2. The September 30, 2017, balance of
any new loans to the RUI Account,
including accrued interest, is zero;
3. The system compensation base is
$4,042,278,849.27 as of June 30, 2017;
4. The cumulative system unallocated
charge balance is ($421,642,171.99) as of
June 30, 2017;
5. The pooled credit ratio for calendar
year 2018 is zero;
6. The pooled charged ratio for
calendar year 2018 is zero;
7. The surcharge rate for calendar year
2018 is 1.5 percent;
8. The monthly compensation base
under section 1(i) of the Act is $1,560
for months in calendar year 2018;
9. The amount described in sections
1(k) and 3 of the Act as ‘‘2.5 times the
monthly compensation base’’ is
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
57789
$3,900.00 for base year (calendar year)
2018;
10. The amount described in section
4(a–2)(i)(A) of the Act as ‘‘2.5 times the
monthly compensation base’’ is
$3,900.00 with respect to
disqualifications ending in calendar
year 2018;
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 $2,015 for months in
calendar year 2018;
12. The maximum daily benefit rate
under section 2(a)(3) of the Act is $77
with respect to days of unemployment
and days of sickness in registration
periods beginning after June 30, 2018.
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 ratio of the June 30, 2017 system
compensation base of $4,042,278,849.27
to the June 30, 1991 system
compensation base of $2,763,287,237.04
is 1.46285149. Multiplying 1.46285149
by $100 million yields $146,285,149.00.
Multiplying $50 million by 1.46285149
produces $73,142,574.50. The Account
balance on June 30, 2017, was
$97,732,177.41. Accordingly, the
surcharge rate for calendar year 2018 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 2018 shall be equal to the
greater of (a) $600 or (b) $600 [1 +
{(A¥37,800)/56,700}], where A equals
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07DEN1
57790
Federal Register / Vol. 82, No. 234 / Thursday, December 7, 2017 / Notices
the amount of the applicable base with
respect to tier 1 taxes for 2018 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.
Using the calendar year 2018 tier 1 tax
base of $128,400 for A above produces
the amount of $1,558.73, which must
then be rounded to $1,560. Accordingly,
the monthly compensation base is
determined to be $1,560 for months in
calendar year 2018.
sradovich on DSK3GMQ082PROD with NOTICES
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
2018 monthly compensation base of
$1,560 produces $3,900.00.
Accordingly, the amount determined
under sections 1(k), 3 and 4(a–2)(i)(A) is
$3,900.00 for calendar year 2018.
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
2018 monthly compensation base is
$1,560. The ratio of $1,560 to $600 is
2.60000000. Multiplying 2.60000000 by
$775 produces $2,015. Accordingly, the
amount determined under section 2(c) is
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18:50 Dec 06, 2017
Jkt 244001
$2,015 for months in calendar year
2018.
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, 2018, 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 2017 monthly
compensation base is $1,545.
Multiplying $1,545 by 0.05 yields
$77.25. Accordingly, the maximum
daily benefit rate for days of
unemployment and days of sickness
beginning in registration periods after
June 30, 2018, is determined to be $77.
By Authority of the Board.
Martha P. Rico,
Secretary to the Board.
October 18, 2017.3 The Commission did
not receive any comment letters on the
proposed rule change. This order
approves the proposed rule change.
II. Description of the Proposed Rule
Change
The Exchange proposes to create an
electronic-only order type. Currently,
orders that Trading Permit Holders
(‘‘TPHs’’) submit to the Exchange will
execute electronically and/or be
handled manually on the Exchange
floor.4 Under certain conditions
specified in the Exchange’s rules,
certain orders and remaining portions of
orders that do not execute electronically
are routed to a specified Public
Automated Routing (‘‘PAR’’)
workstation or an Order Management
Terminal (‘‘OMT’’) on the floor of the
Exchange for manual handling.5
The Exchange proposes to introduce a
new electronic-only order type to allow
TPHs to submit orders that will not be
subject to any manual handling.
Specifically, electronic-only orders will
only: (i) Auto-execute, (ii) route to an
electronic auction, or (iii) route to the
electronic book, and in all cases will
cancel back to the TPH that entered the
order if Exchange rules would otherwise
require the order to be routed to the
Exchange floor for manual handling.6
III. Discussion and Commission
Findings
[FR Doc. 2017–26430 Filed 12–6–17; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34- 82196; File No. SR–CBOE–
2017–064]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Order Approving a
Proposed Rule Change Creating an
Electronic-Only Order Type
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act 7 and the rules and regulations
thereunder applicable to a national
securities exchange.8 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,9 which requires,
among other things, that the rules of a
national securities exchange be
designed to remove impediments to and
perfect the mechanism of a free and
open market and a national market
December 1, 2017.
I. Introduction
On September 29, 2017, the Cboe
Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe
Options’’) 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 a
proposed rule change to create an
electronic-only order type. The
proposed rule change was published for
comment in the Federal Register on
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00088
Fmt 4703
Sfmt 4703
3 See Securities Exchange Act Release No. 81862
(Oct. 12, 2017), 82 FR 48550 (Oct. 18. 2017)
(‘‘Notice’’).
4 See id. at 48550.
5 See id. at 48550 and Cboe Options Rules 6.12(a)
and 6.12A. According to Cboe Options Rule 6.12A,
once an order has been routed to a PAR, the PAR
user may, among other options, submit the order for
electronic processing, execute the order in open
outcry, route the order to an OMT designated by the
TPH, or route the order to an away exchange. See
Notice, supra note 3, at 48550.
6 Notice, supra note 3, at 48550.
7 15 U.S.C. 78f.
8 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 82, Number 234 (Thursday, December 7, 2017)]
[Notices]
[Pages 57789-57790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26430]
=======================================================================
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RAILROAD RETIREMENT BOARD
2018 Railroad Experience Rating Proclamations, Monthly
Compensation Base and Other Determinations
AGENCY: Railroad Retirement Board.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: As required by the Railroad Unemployment Insurance Act (Act),
the Railroad Retirement Board (RRB) hereby publishes its notice for
calendar year 2018 of account balances, factors used in calculating
experience-based employer contribution rates, computation of amounts
related to the monthly compensation base, and the maximum daily benefit
rate for days of unemployment or sickness.
DATES: The balance in notice (1) and the determinations made in notices
(3) through (7) are based on data as of June 30, 2017. The balance in
notice (2) is based on data as of September 30, 2017. 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 2018. The determinations made in notices (8)
through (11) are effective January 1, 2018. The determination made in
notice (12) is effective for registration periods beginning after June
30, 2018.
ADDRESSES: Secretary to the Board, Railroad Retirement Board, 844 Rush
Street, Chicago, Illinois 60611-1275.
FOR FURTHER INFORMATION CONTACT: Michael J. Rizzo, Bureau of the
Actuary and Research, Railroad Retirement Board, 844 Rush Street,
Chicago, Illinois 60611-1275, telephone (312) 751-4771.
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, 2017, the computation of the calendar year 2018 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, 2018, 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, 2018. 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, 2017, is $97,732,177.41;
2. The September 30, 2017, balance of any new loans to the RUI
Account, including accrued interest, is zero;
3. The system compensation base is $4,042,278,849.27 as of June 30,
2017;
4. The cumulative system unallocated charge balance is
($421,642,171.99) as of June 30, 2017;
5. The pooled credit ratio for calendar year 2018 is zero;
6. The pooled charged ratio for calendar year 2018 is zero;
7. The surcharge rate for calendar year 2018 is 1.5 percent;
8. The monthly compensation base under section 1(i) of the Act is
$1,560 for months in calendar year 2018;
9. The amount described in sections 1(k) and 3 of the Act as ``2.5
times the monthly compensation base'' is $3,900.00 for base year
(calendar year) 2018;
10. The amount described in section 4(a-2)(i)(A) of the Act as
``2.5 times the monthly compensation base'' is $3,900.00 with respect
to disqualifications ending in calendar year 2018;
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
$2,015 for months in calendar year 2018;
12. The maximum daily benefit rate under section 2(a)(3) of the Act
is $77 with respect to days of unemployment and days of sickness in
registration periods beginning after June 30, 2018.
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 ratio of the June 30, 2017 system compensation base of
$4,042,278,849.27 to the June 30, 1991 system compensation base of
$2,763,287,237.04 is 1.46285149. Multiplying 1.46285149 by $100 million
yields $146,285,149.00. Multiplying $50 million by 1.46285149 produces
$73,142,574.50. The Account balance on June 30, 2017, was
$97,732,177.41. Accordingly, the surcharge rate for calendar year 2018
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 2018 shall be
equal to the greater of (a) $600 or (b) $600 [1 + {(A-37,800)/
56,700{time} ], where A equals
[[Page 57790]]
the amount of the applicable base with respect to tier 1 taxes for 2018
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.
Using the calendar year 2018 tier 1 tax base of $128,400 for A
above produces the amount of $1,558.73, which must then be rounded to
$1,560. Accordingly, the monthly compensation base is determined to be
$1,560 for months in calendar year 2018.
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 2018 monthly compensation base
of $1,560 produces $3,900.00. Accordingly, the amount determined under
sections 1(k), 3 and 4(a-2)(i)(A) is $3,900.00 for calendar year 2018.
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 2018 monthly compensation base is
$1,560. The ratio of $1,560 to $600 is 2.60000000. Multiplying
2.60000000 by $775 produces $2,015. Accordingly, the amount determined
under section 2(c) is $2,015 for months in calendar year 2018.
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, 2018, 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 2017 monthly compensation base is $1,545.
Multiplying $1,545 by 0.05 yields $77.25. Accordingly, the maximum
daily benefit rate for days of unemployment and days of sickness
beginning in registration periods after June 30, 2018, is determined to
be $77.
By Authority of the Board.
Martha P. Rico,
Secretary to the Board.
[FR Doc. 2017-26430 Filed 12-6-17; 8:45 am]
BILLING CODE 7905-01-P
