2021 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 78886-78887 [2020-26829]

Download as PDF 78886 Federal Register / Vol. 85, No. 235 / Monday, December 7, 2020 / Notices PEACE CORPS Information Collection Request; Submission for OMB Review Peace Corps. 60-Day notice and request for comments. AGENCY: ACTION: The Peace Corps will be submitting the following information collection request to the Office of Management and Budget (OMB) for review and approval. In accordance with the Paperwork Reduction Act of 1995 and implementing OMB guidance, we are requesting comments on this collection from all interested individuals and organizations. The purpose of this notice is to allow 60 days for public comment in the Federal Register preceding submission to OMB. DATES: Submit comments on or before January 6, 2021. ADDRESSES: Address written comments and recommendations for the proposed information collection to Virginia Burke, FOIA/Privacy Act Officer, by email at pcfr@peacecorps.gov. Email comments must be made in text and not in attachments. FOR FURTHER INFORMATION CONTACT: Virginia Burke, FOIA/Privacy Act Officer, at (202) 692–1887, or PCFR@ peacecorps.gov. SUPPLEMENTARY INFORMATION: Title: Peace Corps Response Application. OMB Control Number: 0420–0547. Type of Request: Revision of a currently approved collection. Affected Public: Individuals. Respondents Obligation to Reply: Voluntary. Respondents: Potential and current volunteers. Burden to the Public: • Peace Corps Response Application (a) Estimated number of Applicants/ physicians: 3,500. (b) Frequency of response: one time. (c) Estimated average burden per response: 60 Minutes. (d) Estimated total reporting burden: 3,500 hours. (e) Estimated annual cost to respondents: 0.00. General Description of Collection: The Peace Corps Response Application (hereinafter ‘‘the Application’’) is necessary to recruit qualified volunteers to serve in Peace Corps Response, which sends Volunteers throughout the world to work in specialized short term projects. Applicants are selected based on their qualifications for a specific Volunteer assignment. Request for Comment: Peace Corps invites comments on whether the khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:32 Dec 04, 2020 Jkt 253001 proposed collections of information are necessary for proper performance of the functions of the Peace Corps, including whether the information will have practical use; the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the information to be collected; and, ways to minimize the burden of the collection of information on those who are to respond, including through the use of automated collection techniques, when appropriate, and other forms of information technology. This notice is issued in Washington, DC, on December 2, 2020. Virginia Burke, FOIA/Privacy Act Officer, Management. [FR Doc. 2020–26808 Filed 12–4–20; 8:45 am] BILLING CODE 6051–01–P RAILROAD RETIREMENT BOARD 2021 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 2021 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, 2020. The balance in notice (2) is based on data as of September 30, 2020. 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 2021. The determinations made in notices (8) through (11) are effective January 1, 2021. The determination made in notice (12) is effective for registration periods beginning after June 30, 2021. 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 SUMMARY: PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 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, 2020, the computation of the calendar year 2021 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, 2021, 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, 2021. 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, 2020, is $53,715,608.16; 2. The September 30, 2020, balance of any new loans to the RUI Account, including accrued interest, is $22,037,957.92; 3. The system compensation base is $4,071,144,777.80 as of June 30, 2020; 4. The cumulative system unallocated charge balance is ($454,630,391.67) as of June 30, 2020; 5. The pooled credit ratio for calendar year 2021 is zero; 6. The pooled charged ratio for calendar year 2021 is zero; 7. The surcharge rate for calendar year 2021 is 2.5 percent; 8. The monthly compensation base under section 1(i) of the Act is $1,710 for months in calendar year 2021; 9. The amount described in sections 1(k) and 3 of the Act as ‘‘2.5 times the monthly compensation base’’ is $4,275.00 for base year (calendar year) 2021; 10. The amount described in section 4(a–2)(i)(A) of the Act as ‘‘2.5 times the monthly compensation base’’ is $4,275.00 with respect to disqualifications ending in calendar year 2021; 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 E:\FR\FM\07DEN1.SGM 07DEN1 Federal Register / Vol. 85, No. 235 / Monday, December 7, 2020 / Notices bears to $600’’ is $2,209 for months in calendar year 2021; 12. The maximum daily benefit rate under section 2(a)(3) of the Act is $82 with respect to days of unemployment and days of sickness in registration periods beginning after June 30, 2021. khammond on DSKJM1Z7X2PROD with NOTICES 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, 2020 system compensation base of $4,071,144,777.80 to the June 30, 1991 system compensation base of $2,763,287,237.04 is 1.47329772. Multiplying 1.47329772 by $100 million yields $147,329,772.00. Multiplying $50 million by 1.47329772 produces $73,664,886.00. The Account balance on June 30, 2020, was $53,715,608.16. Accordingly, the surcharge rate for calendar year 2021 is 2.5 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 2021 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 2021 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 2021 tier 1 tax base of $142,800 for A above produces the amount of $1,711.11, which must then be rounded to $1,710. Accordingly, the monthly compensation base is VerDate Sep<11>2014 18:32 Dec 04, 2020 Jkt 253001 determined to be $1,710 for months in calendar year 2021. 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 2021 monthly compensation base of $1,710 produces $4,275.00. Accordingly, the amount determined under sections 1(k), 3 and 4(a–2)(i)(A) is $4,275.00 for calendar year 2021. 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 2021 monthly compensation base is $1,710. The ratio of $1,710 to $600 is 2.85000000. Multiplying 2.85000000 by $775 produces $2,209. Accordingly, the amount determined under section 2(c) is $2,209 for months in calendar year 2021. 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 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 78887 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, 2021, 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 2020 monthly compensation base is $1,655. Multiplying $1,655 by 0.05 yields $82.75. Accordingly, the maximum daily benefit rate for days of unemployment and days of sickness beginning in registration periods after June 30, 2021, is determined to be $82. By Authority of the Board. Stephanie Hillyard, Secretary to the Board. [FR Doc. 2020–26829 Filed 12–4–20; 8:45 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, the Securities and Exchange Commission will hold an Open Meeting on Wednesday, December 9, 2020 at 10:00 a.m. PLACE: The meeting will be webcast on the Commission’s website at www.sec.gov. STATUS: This meeting will begin at 10:00 a.m. (ET) and will be open to the public via audio webcast only on the Commission’s website at www.sec.gov. MATTERS TO BE CONSIDERED: The Commission will consider whether to adopt a new rule and rule amendments to modernize the national market system for the collection, consolidation, and dissemination of information with respect to quotations for and transactions in national market system (‘‘NMS’’) stocks (‘‘NMS information’’). Specifically, the Commission will consider whether to expand the content of NMS information that is required to be collected, consolidated, and disseminated as part of the national market system under Regulation NMS and whether to amend the method by which such NMS information is collected, calculated, and disseminated by fostering a competitive environment for the dissemination of NMS information via a decentralized TIME AND DATE: E:\FR\FM\07DEN1.SGM 07DEN1

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[Federal Register Volume 85, Number 235 (Monday, December 7, 2020)]
[Notices]
[Pages 78886-78887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26829]


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RAILROAD RETIREMENT BOARD


2021 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 2021 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, 2020. The balance in 
notice (2) is based on data as of September 30, 2020. 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 2021. The determinations made in notices (8) 
through (11) are effective January 1, 2021. The determination made in 
notice (12) is effective for registration periods beginning after June 
30, 2021.

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, 2020, the computation of the calendar year 2021 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, 2021, 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, 2021.
    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, 2020, is $53,715,608.16;
    2. The September 30, 2020, balance of any new loans to the RUI 
Account, including accrued interest, is $22,037,957.92;
    3. The system compensation base is $4,071,144,777.80 as of June 30, 
2020;
    4. The cumulative system unallocated charge balance is 
($454,630,391.67) as of June 30, 2020;
    5. The pooled credit ratio for calendar year 2021 is zero;
    6. The pooled charged ratio for calendar year 2021 is zero;
    7. The surcharge rate for calendar year 2021 is 2.5 percent;
    8. The monthly compensation base under section 1(i) of the Act is 
$1,710 for months in calendar year 2021;
    9. The amount described in sections 1(k) and 3 of the Act as ``2.5 
times the monthly compensation base'' is $4,275.00 for base year 
(calendar year) 2021;
    10. The amount described in section 4(a-2)(i)(A) of the Act as 
``2.5 times the monthly compensation base'' is $4,275.00 with respect 
to disqualifications ending in calendar year 2021;
    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

[[Page 78887]]

bears to $600'' is $2,209 for months in calendar year 2021;
    12. The maximum daily benefit rate under section 2(a)(3) of the Act 
is $82 with respect to days of unemployment and days of sickness in 
registration periods beginning after June 30, 2021.

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, 2020 system compensation base of 
$4,071,144,777.80 to the June 30, 1991 system compensation base of 
$2,763,287,237.04 is 1.47329772. Multiplying 1.47329772 by $100 million 
yields $147,329,772.00. Multiplying $50 million by 1.47329772 produces 
$73,664,886.00. The Account balance on June 30, 2020, was 
$53,715,608.16. Accordingly, the surcharge rate for calendar year 2021 
is 2.5 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 2021 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 2021 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 2021 tier 1 tax base of $142,800 for A 
above produces the amount of $1,711.11, which must then be rounded to 
$1,710. Accordingly, the monthly compensation base is determined to be 
$1,710 for months in calendar year 2021.

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 2021 monthly compensation base 
of $1,710 produces $4,275.00. Accordingly, the amount determined under 
sections 1(k), 3 and 4(a-2)(i)(A) is $4,275.00 for calendar year 2021.
    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 2021 monthly compensation base is $1,710. The 
ratio of $1,710 to $600 is 2.85000000. Multiplying 2.85000000 by $775 
produces $2,209. Accordingly, the amount determined under section 2(c) 
is $2,209 for months in calendar year 2021.

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, 2021, 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 2020 monthly compensation base is $1,655. 
Multiplying $1,655 by 0.05 yields $82.75. Accordingly, the maximum 
daily benefit rate for days of unemployment and days of sickness 
beginning in registration periods after June 30, 2021, is determined to 
be $82.

    By Authority of the Board.
Stephanie Hillyard,
Secretary to the Board.
[FR Doc. 2020-26829 Filed 12-4-20; 8:45 am]
BILLING CODE 7905-01-P