2018 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 57789-57790 [2017-26430]

Download as PDF 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: VerDate Sep<11>2014 18:50 Dec 06, 2017 Jkt 244001 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 E:\FR\FM\07DEN1.SGM 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 VerDate Sep<11>2014 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). E:\FR\FM\07DEN1.SGM 07DEN1

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