2019 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 63914-63915 [2018-26927]
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Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
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HISTORY:
June 27, 2012, 77 FR 38342; April 29,
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Ruth Stevenson,
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[FR Doc. 2018–26868 Filed 12–11–18; 8:45 am]
BILLING CODE 7710–12–P
RAILROAD RETIREMENT BOARD
2019 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
2019 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, 2018. The balance in notice (2) is
based on data as of September 30, 2018.
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 2019.
The determinations made in notices (8)
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SUMMARY:
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18:39 Dec 11, 2018
Jkt 247001
through (11) are effective January 1,
2019. The determination made in notice
(12) is effective for registration periods
beginning after June 30, 2019.
ADDRESSES: Secretary to the Board,
Railroad Retirement Board, 844 N Rush
Street, Chicago, Illinois 60611–1275.
FOR FURTHER INFORMATION CONTACT:
Michael J. Rizzo, Bureau of the Actuary
and Research, Railroad Retirement
Board, 844 N 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, 2018, the
computation of the calendar year 2019
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, 2019, 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, 2019.
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, 2018, is
$118,064,725.00;
2. The September 30, 2018, balance of
any new loans to the RUI Account,
including accrued interest, is zero;
3. The system compensation base is
$4,148,935,149.55 as of June 30, 2018;
4. The cumulative system unallocated
charge balance is ($433,831,623.64) as of
June 30, 2018;
5. The pooled credit ratio for calendar
year 2019 is zero;
6. The pooled charged ratio for
calendar year 2019 is zero;
7. The surcharge rate for calendar year
2019 is 1.5 percent;
8. The monthly compensation base
under section 1(i) of the Act is $1,605
for months in calendar year 2019;
9. The amount described in sections
1(k) and 3 of the Act as ‘‘2.5 times the
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
monthly compensation base’’ is
$4,012.50 for base year (calendar year)
2019;
10. The amount described in section
4(a–2)(i)(A) of the Act as ‘‘2.5 times the
monthly compensation base’’ is
$4,012.50 with respect to
disqualifications ending in calendar
year 2019;
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 $2,073 for months in
calendar year 2019;
12. The maximum daily benefit rate
under section 2(a)(3) of the Act is $78
with respect to days of unemployment
and days of sickness in registration
periods beginning after June 30, 2019.
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, 2018 system
compensation base of $4,148,935,149.55
to the June 30, 1991 system
compensation base of $2,763,287,237.04
is 1.50144911. Multiplying 1.50144911
by $100 million yields $150,144,911.00.
Multiplying $50 million by 1.50144911
produces $75,072,455.50. The Account
balance on June 30, 2018, was
$118,064,725.00. Accordingly, the
surcharge rate for calendar year 2019 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 2019 shall be equal to the
greater of (a) $600 or (b) $600 [1 + {(A
E:\FR\FM\12DEN1.SGM
12DEN1
Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
amozie on DSK3GDR082PROD with NOTICES1
¥ 37,800)/56,700}], where A equals the
amount of the applicable base with
respect to tier 1 taxes for 2019 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 2019 tier 1 tax
base of $132,900 for A above produces
the amount of $1,606.35, which must
then be rounded to $1,605. Accordingly,
the monthly compensation base is
determined to be $1,605 for months in
calendar year 2019.
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
2019 monthly compensation base of
$1,605 produces $4,012.50.
Accordingly, the amount determined
under sections 1(k), 3 and 4(a–2)(i)(A) is
$4,012.50 for calendar year 2019.
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 2019 monthly
compensation base is $1,605. The ratio
of $1,605 to $600 is 2.67500000.
Multiplying 2.67500000 by $775
produces $2,073. Accordingly, the
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18:39 Dec 11, 2018
Jkt 247001
amount determined under section 2(c) is
$2,073 for months in calendar year
2019.
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, 2019, 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 2018 monthly
compensation base is $1,560.
Multiplying $1,560 by 0.05 yields
$78.00. Accordingly, the maximum
daily benefit rate for days of
unemployment and days of sickness
beginning in registration periods after
June 30, 2019, is determined to be $78.
By Authority of the Board.
Sylvia Zaragoza,
Acting Secretary to the Board.
[FR Doc. 2018–26927 Filed 12–11–18; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84747; File No. SR–
NASDAQ–2018–080]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To List and Trade Shares
of the BrandywineGLOBAL—Global
Total Return ETF, a Series of Legg
Mason ETF Investment Trust, Under
Nasdaq Rule 5735
63915
thereunder,2 a proposed rule change to
list and trade shares of the
BrandywineGLOBAL—Global Total
Return ETF, a series of Legg Mason ETF
Investment Trust, under Nasdaq Rule
5735 (Managed Fund Shares). The
proposed rule change was published for
comment in the Federal Register on
November 5, 2018.3 The Commission
has received no comment letters on the
proposed rule change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is December 20,
2018. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates February 3, 2019 as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–NASDAQ–2018–080).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–26909 Filed 12–11–18; 8:45 am]
BILLING CODE 8011–01–P
December 7, 2018.
On October 17, 2018, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) 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
1 15
PO 00000
U.S.C. 78s(b)(1).
Frm 00091
Fmt 4703
Sfmt 9990
2 17
CFR 240.19b–4.
Securities Exchange Act Release No. 84505
(October 30, 2018), 83 FR 55416.
4 15 U.S.C. 78s(b)(2).
5 Id.
6 17 CFR 200.30–3(a)(31).
3 See
E:\FR\FM\12DEN1.SGM
12DEN1
Agencies
[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63914-63915]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26927]
=======================================================================
-----------------------------------------------------------------------
RAILROAD RETIREMENT BOARD
2019 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 2019 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, 2018. The balance in
notice (2) is based on data as of September 30, 2018. 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 2019. The determinations made in notices (8)
through (11) are effective January 1, 2019. The determination made in
notice (12) is effective for registration periods beginning after June
30, 2019.
ADDRESSES: Secretary to the Board, Railroad Retirement Board, 844 N
Rush Street, Chicago, Illinois 60611-1275.
FOR FURTHER INFORMATION CONTACT: Michael J. Rizzo, Bureau of the
Actuary and Research, Railroad Retirement Board, 844 N 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, 2018, the computation of the calendar year 2019 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, 2019, 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, 2019.
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, 2018, is $118,064,725.00;
2. The September 30, 2018, balance of any new loans to the RUI
Account, including accrued interest, is zero;
3. The system compensation base is $4,148,935,149.55 as of June 30,
2018;
4. The cumulative system unallocated charge balance is
($433,831,623.64) as of June 30, 2018;
5. The pooled credit ratio for calendar year 2019 is zero;
6. The pooled charged ratio for calendar year 2019 is zero;
7. The surcharge rate for calendar year 2019 is 1.5 percent;
8. The monthly compensation base under section 1(i) of the Act is
$1,605 for months in calendar year 2019;
9. The amount described in sections 1(k) and 3 of the Act as ``2.5
times the monthly compensation base'' is $4,012.50 for base year
(calendar year) 2019;
10. The amount described in section 4(a-2)(i)(A) of the Act as
``2.5 times the monthly compensation base'' is $4,012.50 with respect
to disqualifications ending in calendar year 2019;
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
$2,073 for months in calendar year 2019;
12. The maximum daily benefit rate under section 2(a)(3) of the Act
is $78 with respect to days of unemployment and days of sickness in
registration periods beginning after June 30, 2019.
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, 2018 system compensation base of
$4,148,935,149.55 to the June 30, 1991 system compensation base of
$2,763,287,237.04 is 1.50144911. Multiplying 1.50144911 by $100 million
yields $150,144,911.00. Multiplying $50 million by 1.50144911 produces
$75,072,455.50. The Account balance on June 30, 2018, was
$118,064,725.00. Accordingly, the surcharge rate for calendar year 2019
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 2019 shall be
equal to the greater of (a) $600 or (b) $600 [1 + {(A
[[Page 63915]]
- 37,800)/56,700{time} ], where A equals the amount of the applicable
base with respect to tier 1 taxes for 2019 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 2019 tier 1 tax base of $132,900 for A
above produces the amount of $1,606.35, which must then be rounded to
$1,605. Accordingly, the monthly compensation base is determined to be
$1,605 for months in calendar year 2019.
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 2019 monthly compensation base
of $1,605 produces $4,012.50. Accordingly, the amount determined under
sections 1(k), 3 and 4(a-2)(i)(A) is $4,012.50 for calendar year 2019.
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 2019 monthly compensation base is $1,605. The
ratio of $1,605 to $600 is 2.67500000. Multiplying 2.67500000 by $775
produces $2,073. Accordingly, the amount determined under section 2(c)
is $2,073 for months in calendar year 2019.
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, 2019, 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 2018 monthly compensation base is $1,560.
Multiplying $1,560 by 0.05 yields $78.00. Accordingly, the maximum
daily benefit rate for days of unemployment and days of sickness
beginning in registration periods after June 30, 2019, is determined to
be $78.
By Authority of the Board.
Sylvia Zaragoza,
Acting Secretary to the Board.
[FR Doc. 2018-26927 Filed 12-11-18; 8:45 am]
BILLING CODE 7905-01-P