2024 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations, 77374-77376 [2023-24786]
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77374
Federal Register / Vol. 88, No. 216 / Thursday, November 9, 2023 / Notices
www.prc.gov, Docket Nos. MC2024–34,
CP2024–34.
POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–24725 Filed 11–8–23; 8:45 am]
Postal ServiceTM.
ACTION: Notice.
AGENCY:
BILLING CODE 7710–12–P
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 required notice:
November 9, 2023.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 1,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 88 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2024–32,
CP2024–32.
SUMMARY:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–24723 Filed 11–8–23; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
Postal ServiceTM.
ACTION: Notice.
POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® 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 required notice:
November 9, 2023.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 2,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 93 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2024–37,
CP2024–37.
SUMMARY:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–24728 Filed 11–8–23; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
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 required notice:
November 9, 2023.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 2,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 90 to Competitive
Product List. Documents are available at
ddrumheller on DSK120RN23PROD with NOTICES1
VerDate Sep<11>2014
18:22 Nov 08, 2023
Jkt 262001
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–24727 Filed 11–8–23; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
AGENCY:
SUMMARY:
3642 and 3632(b)(3), on November 2,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 92 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2024–36,
CP2024–36.
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
Postal ServiceTM.
ACTION: Notice.
Product Change—Priority Mail and
USPS Ground Advantage® 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 required notice:
November 9, 2023.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 1,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 87 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2024–31,
CP2024–31.
SUMMARY:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–24722 Filed 11–8–23; 8:45 am]
BILLING CODE 7710–12–P
AGENCY:
RAILROAD RETIREMENT BOARD
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 required notice:
November 9, 2023.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
SUMMARY:
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2024 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
2024 of account balances, factors used
in calculating experience-based
employer contribution rates,
computation of amounts related to the
SUMMARY:
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ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 216 / Thursday, November 9, 2023 / Notices
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, 2023. The balance in notice (2) is
based on data as of September 30, 2023.
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 2024.
The determinations made in notices (8)
through (11) are effective January 1,
2024. The determination made in notice
(12) is effective for registration periods
beginning after June 30, 2024.
ADDRESSES: Secretary to the Board,
Railroad Retirement Board, 844 N Rush
Street, Chicago, Illinois 60611–1275.
FOR FURTHER INFORMATION CONTACT:
Sheryl Enders, Bureau of the Actuary
and Research, Railroad Retirement
Board, 844 N Rush Street, Chicago,
Illinois 60611–1275, telephone (312)
751–4729.
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, 2023, the
computation of the calendar year 2024
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, 2024, 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, 2024.
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 accrual balance of the Railroad
Unemployment Insurance (RUI)
Account, as of June 30, 2023, is
$363,050,002.39;
2. The September 30, 2023, balance of
any new loans to the RUI Account,
including accrued interest, is zero;
3. The system compensation base is
$4,152,337,222.44 as of June 30, 2023;
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4. The cumulative system unallocated
charge balance is ($476,329,911.37) as of
June 30, 2023;
5. The pooled credit ratio for calendar
year 2024 is zero;
6. The pooled charged ratio for
calendar year 2024 is zero;
7. The surcharge rate for calendar year
2024 is zero;
8. The monthly compensation base
under section 1(i) of the Act is $1,985
for months in calendar year 2024;
9. The amount described in sections
1(k) and 3 of the Act as ‘‘2.5 times the
monthly compensation base’’ is
$4,962.50 for base year (calendar year)
2024;
10. The amount described in section
4(a–2)(i)(A) of the Act as ‘‘2.5 times the
monthly compensation base’’ is
$4,962.50 with respect to
disqualifications ending in calendar
year 2024;
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 $2,564 for months in
calendar year 2024;
12. The maximum daily benefit rate
under section 2(a)(3) of the Act is $94
with respect to days of unemployment
and days of sickness in registration
periods beginning after June 30, 2024.
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, 2023 system
compensation base of $4,152,337,222.44
to the June 30, 1991 system
compensation base of $2,763,287,237.04
is 1.50268027. Multiplying 1.50268027
by $100 million yields $150,268,027.00.
Multiplying $50 million by 1.50268027
produces $75,134,013.50. The Account
balance on June 30, 2023, was
$363,050,002.39. Accordingly, the
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77375
surcharge rate for calendar year 2024 is
zero.
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 2024 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 2024 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 2024 tier 1 tax
base of $168,600 for A above produces
the amount of $1,984.13, which must
then be rounded to $1,985. Accordingly,
the monthly compensation base is
determined to be $1,985 for months in
calendar year 2024.
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
2024 monthly compensation base of
$1,985 produces $4,962.50.
Accordingly, the amount determined
under sections 1(k), 3 and 4(a–2)(i)(A) is
$4,962.50 for calendar year 2024.
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
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77376
Federal Register / Vol. 88, No. 216 / Thursday, November 9, 2023 / Notices
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 2024 monthly
compensation base is $1,985. The ratio
of $1,985 to $600 is 3.30833333.
Multiplying 3.30833333 by $775
produces $2,564. Accordingly, the
amount determined under section 2(c) is
$2,564 for months in calendar year
2024.
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, 2024, 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 2023 monthly
compensation base is $1,895.
Multiplying $1,895 by 0.05 yields
$94.75. Accordingly, the maximum
daily benefit rate for days of
unemployment and days of sickness
beginning in registration periods after
June 30, 2024, is determined to be $94.
By Authority of the Board.
Stephanie Hillyard,
Secretary to the Board.
[FR Doc. 2023–24786 Filed 11–8–23; 8:45 am]
ddrumheller on DSK120RN23PROD with NOTICES1
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98853; File No. SR–
NYSEAMER–2023–54]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change Amending Rule 935NY
November 3, 2023.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on October
27, 2023, NYSE American LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 935NY (Order Exposure
Requirements) to include reference to
Rule 971.1NYP (Single-Leg Electronic
Cross Transactions) to exempt orders
submitted to the Customer Best
Execution (‘‘CUBE’’) Auction on Pillar
from the order exposure requirements.
The proposed rule change is available
on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 935NY (Order Exposure
Requirements) to include reference to
the recently-adopted Rule 971.1NYP
(Single-Leg Electronic Cross
Transactions) to exempt orders
submitted to the CUBE Auction on
Pillar from the order exposure
requirements.4
Rule 971.1NY describes the CUBE
Auction, which is an electronic crossing
mechanism for single-leg orders with a
price improvement auction on the
Exchange (the ‘‘CUBE’’).5 Agency orders
(or ‘‘CUBE Orders) submitted to the
CUBE are exempt from the one-second
order exposure requirement set forth in
Rule 935NY.6
In connection with the Exchange’s
migration to the Pillar trading platform,
which began on October 23, 2023, the
Exchange adopted Rule 971.1NYP to
describe the operation of the CUBE on
Pillar (the ‘‘Pillar CUBE’’).7 Pillar CUBE
offers certain enhancements to the
existing CUBE Auction but the core
functionality of Pillar CUBE is
substantively identical to the existing
CUBE Auction.8
4 See Securities Exchange Act Release No. 97938
(July 18, 2023), 88 FR 47536 (July 24, 2023)
(NYSEAmer–2023–35) (proposing, on an
immediately effective basis, new Pillar Rule
971.1NYP (Single-Leg Electronic Cross
Transactions), which will govern single-leg CUBE
Auctions on Pillar) (the ‘‘Pillar Single-Leg CUBE
Filing’’). Beginning on October 23, 2023, the
Exchange implemented Rule 971.1NYP in
connection with the migration to the Exchange’s
Pillar trading platform pursuant to the scheduled
rollout of underlying symbols as announced by
Trader Update. See e.g., Trader Update, October 20,
2023 (announcing that Pillar Migration Tranche 1
will include underlying symbol Range: H, I),
available here: https://www.nyse.com/traderupdate/history#110000748106; and Trader Update,
January 30, 2023 (announcing Pillar Migration
Launch date of October 23, 2023, for the Exchange),
available here: https://www.nyse.com/traderupdate/history#110000530919 (the ‘‘Pillar Trader
Updates’’). The Exchange notes that, other than the
rule change proposed herein, all Pillar-related rules
(i.e., with a ‘‘P’’ modifier) have either been
approved or are currently operative and, beginning
on October 23, 2023, will apply to options traded
on underlying symbols that have been migrated to
Pillar.
5 See generally Rule 971.1NY(Single-Leg
Electronic Cross Transactions).
6 Rule 935NY requires, among other things, that
a User’s agency orders be exposed for at least one
(1) second before such orders may be executed
against the User’s principal orders, unless such
agency order is afforded an exemption pursuant to
Rule 935NY(iii). See Rule 935NY(iii).
7 See generally Rule 971.1NYP(Single-Leg
Electronic Cross Transactions).
8 See supra note 4, Pillar Single-Leg CUBE Filing.
88 FR 47536, at 47538 (stating that on Pillar, per
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]]>Agencies
[Federal Register Volume 88, Number 216 (Thursday, November 9, 2023)]
[Notices]
[Pages 77374-77376]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-24786]
=======================================================================
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RAILROAD RETIREMENT BOARD
2024 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 2024 of account balances, factors used in calculating
experience-based employer contribution rates, computation of amounts
related to the
[[Page 77375]]
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, 2023. The balance in
notice (2) is based on data as of September 30, 2023. 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 2024. The determinations made in notices (8)
through (11) are effective January 1, 2024. The determination made in
notice (12) is effective for registration periods beginning after June
30, 2024.
ADDRESSES: Secretary to the Board, Railroad Retirement Board, 844 N
Rush Street, Chicago, Illinois 60611-1275.
FOR FURTHER INFORMATION CONTACT: Sheryl Enders, Bureau of the Actuary
and Research, Railroad Retirement Board, 844 N Rush Street, Chicago,
Illinois 60611-1275, telephone (312) 751-4729.
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, 2023, the computation of the calendar year 2024 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, 2024, 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, 2024.
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 accrual balance of the Railroad Unemployment Insurance (RUI)
Account, as of June 30, 2023, is $363,050,002.39;
2. The September 30, 2023, balance of any new loans to the RUI
Account, including accrued interest, is zero;
3. The system compensation base is $4,152,337,222.44 as of June 30,
2023;
4. The cumulative system unallocated charge balance is
($476,329,911.37) as of June 30, 2023;
5. The pooled credit ratio for calendar year 2024 is zero;
6. The pooled charged ratio for calendar year 2024 is zero;
7. The surcharge rate for calendar year 2024 is zero;
8. The monthly compensation base under section 1(i) of the Act is
$1,985 for months in calendar year 2024;
9. The amount described in sections 1(k) and 3 of the Act as ``2.5
times the monthly compensation base'' is $4,962.50 for base year
(calendar year) 2024;
10. The amount described in section 4(a-2)(i)(A) of the Act as
``2.5 times the monthly compensation base'' is $4,962.50 with respect
to disqualifications ending in calendar year 2024;
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
$2,564 for months in calendar year 2024;
12. The maximum daily benefit rate under section 2(a)(3) of the Act
is $94 with respect to days of unemployment and days of sickness in
registration periods beginning after June 30, 2024.
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, 2023 system compensation base of
$4,152,337,222.44 to the June 30, 1991 system compensation base of
$2,763,287,237.04 is 1.50268027. Multiplying 1.50268027 by $100 million
yields $150,268,027.00. Multiplying $50 million by 1.50268027 produces
$75,134,013.50. The Account balance on June 30, 2023, was
$363,050,002.39. Accordingly, the surcharge rate for calendar year 2024
is zero.
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 2024 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 2024 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 2024 tier 1 tax base of $168,600 for A
above produces the amount of $1,984.13, which must then be rounded to
$1,985. Accordingly, the monthly compensation base is determined to be
$1,985 for months in calendar year 2024.
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 2024 monthly compensation base
of $1,985 produces $4,962.50. Accordingly, the amount determined under
sections 1(k), 3 and 4(a-2)(i)(A) is $4,962.50 for calendar year 2024.
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
[[Page 77376]]
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 2024 monthly compensation base is $1,985. The
ratio of $1,985 to $600 is 3.30833333. Multiplying 3.30833333 by $775
produces $2,564. Accordingly, the amount determined under section 2(c)
is $2,564 for months in calendar year 2024.
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, 2024, 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 2023 monthly compensation base is $1,895.
Multiplying $1,895 by 0.05 yields $94.75. Accordingly, the maximum
daily benefit rate for days of unemployment and days of sickness
beginning in registration periods after June 30, 2024, is determined to
be $94.
By Authority of the Board.
Stephanie Hillyard,
Secretary to the Board.
[FR Doc. 2023-24786 Filed 11-8-23; 8:45 am]
BILLING CODE 7905-01-P
