81_FR_75664 81 FR 75454 - 2017 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations

81 FR 75454 - 2017 Railroad Experience Rating Proclamations, Monthly Compensation Base and Other Determinations

RAILROAD RETIREMENT BOARD

Federal Register Volume 81, Issue 210 (October 31, 2016)

Page Range75454-75456
FR Document2016-26167

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, 2016, is $93,849,116.28; 2. The September 30, 2016, balance of any new loans to the RUI Account, including accrued interest, is zero; 3. The system compensation base is $4,224,601,102.31 as of June 30, 2016; 4. The cumulative system unallocated charge balance is ($408,501,327.51) as of June 30, 2016; 5. The pooled credit ratio for calendar year 2017 is zero; 6. The pooled charged ratio for calendar year 2017 is zero; 7. The surcharge rate for calendar year 2017 is 1.5 percent; 8. The monthly compensation base under section 1(i) of the Act is $1,545 for months in calendar year 2017; 9. The amount described in sections 1(k) and 3 of the Act as ``2.5 times the monthly compensation base'' is $3,862.50 for base year (calendar year) 2017; 10. The amount described in section 4(a-2)(i)(A) of the Act as ``2.5 times the monthly compensation base'' is $3,862.50 with respect to disqualifications ending in calendar year 2017; 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 $1,996 for months in calendar year 2017; 12. The maximum daily benefit rate under section 2(a)(3) of the Act is $72 with respect to days of unemployment and days of sickness in registration periods beginning after June 30, 2017.

Federal Register, Volume 81 Issue 210 (Monday, October 31, 2016) 
[Federal Register Volume 81, Number 210 (Monday, October 31, 2016)]
[Notices]
[Pages 75454-75456]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-26167]


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RAILROAD RETIREMENT BOARD


2017 Railroad Experience Rating Proclamations, Monthly 
Compensation Base and Other Determinations

AGENCY: Railroad Retirement Board.

ACTION: Notice.

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SUMMARY: 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, 2016, is $93,849,116.28;
    2. The September 30, 2016, balance of any new loans to the RUI 
Account, including accrued interest, is zero;
    3. The system compensation base is $4,224,601,102.31 as of June 30, 
2016;
    4. The cumulative system unallocated charge balance is 
($408,501,327.51) as of June 30, 2016;
    5. The pooled credit ratio for calendar year 2017 is zero;

[[Page 75455]]

    6. The pooled charged ratio for calendar year 2017 is zero;
    7. The surcharge rate for calendar year 2017 is 1.5 percent;
    8. The monthly compensation base under section 1(i) of the Act is 
$1,545 for months in calendar year 2017;
    9. The amount described in sections 1(k) and 3 of the Act as ``2.5 
times the monthly compensation base'' is $3,862.50 for base year 
(calendar year) 2017;
    10. The amount described in section 4(a-2)(i)(A) of the Act as 
``2.5 times the monthly compensation base'' is $3,862.50 with respect 
to disqualifications ending in calendar year 2017;
    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 
$1,996 for months in calendar year 2017;
    12. The maximum daily benefit rate under section 2(a)(3) of the Act 
is $72 with respect to days of unemployment and days of sickness in 
registration periods beginning after June 30, 2017.

DATES: The balance in notice (1) and the determinations made in notices 
(3) through (7) are based on data as of June 30, 2016. The balance in 
notice (2) is based on data as of September 30, 2016. 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 2017. The determinations made in notices (8) 
through (11) are effective January 1, 2017. The determination made in 
notice (12) is effective for registration periods beginning after June 
30, 2017.

ADDRESSES: Secretary to the Board, Railroad Retirement Board, 844 Rush 
Street, Chicago, Illinois 60611-2092.

FOR FURTHER INFORMATION CONTACT: Michael J. Rizzo, Bureau of the 
Actuary, Railroad Retirement Board, 844 Rush Street, Chicago, Illinois 
60611-2092, 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, 2016, the computation of the calendar year 2017 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, 2017, 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, 2017.

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, 2016 system compensation base of 
$4,224,601,102.31 to the June 30, 1991 system compensation base of 
$2,763,287,237.04 is 1.52883169. Multiplying 1.52883169 by $100 million 
yields $152,883,169.00. Multiplying $50 million by 1.52883169 produces 
$76,441,584.50. The Account balance on June 30, 2016, was 
$93,849,116.28. Accordingly, the surcharge rate for calendar year 2017 
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 2017 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 2017 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 2017 tier 1 tax base of $127,200 for A 
above produces the amount of $1,546.03, which must then be rounded to 
$1,545. Accordingly, the monthly compensation base is determined to be 
$1,545 for months in calendar year 2017.

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 2017 monthly compensation base 
of $1,545 produces $3,862.50. Accordingly, the amount determined under 
sections 1(k), 3 and 4(a-2)(i)(A) is $3,862.50 for calendar year 2017.
    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 2017 monthly compensation base is 
$1,545. The ratio of $1,545 to $600 is 2.57500000. Multiplying 
2.57500000 by $775 produces $1,996. Accordingly, the amount determined 
under section 2(c) is $1,996 for months in calendar year 2017.

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

[[Page 75456]]

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, 2017, 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 2016 monthly compensation base is $1,455. 
Multiplying $1,455 by 0.05 yields $72.75. Accordingly, the maximum 
daily benefit rate for days of unemployment and days of sickness 
beginning in registration periods after June 30, 2017, is determined to 
be $72.

    Dated: October 26, 2016.

    By Authority of the Board.
Martha P. Rico,
Secretary to the Board.
[FR Doc. 2016-26167 Filed 10-28-16; 8:45 am]
 BILLING CODE 7905-01-P

75454 Federal Register / Vol. 81, No. 210 / Monday, October 31, 2016 / Notices Governors’ Decision, Contract, and POSTAL REGULATORY COMMISSION The Commission invites comments on Supporting Data; Filing Acceptance whether the Postal Service’s request(s) [Docket No. CP2017–21] Date: October 25, 2016; Filing Authority: in the captioned docket(s) are consistent 39 U.S.C. 3642 and 39 CFR 3020.30 et New Postal Product with the policies of title 39. For seq.; Public Representative: Helen request(s) that the Postal Service states Fonda; Comments Due: November 2, AGENCY: Postal Regulatory Commission. concern market dominant product(s), 2016. ACTION: Notice. applicable statutory and regulatory 4. Docket No(s).: MC2017–9 and requirements include 39 U.S.C. 3622, 39 SUMMARY: The Commission is noticing U.S.C. 3642, 39 CFR part 3010, and 39 CP2017–24; Filing Title: Request of the recent Postal Service filing for the CFR part 3020, subpart B. For request(s) United States Postal Service to Add Commission’s consideration concerning that the Postal Service states concern Priority Mail Contract 251 to a negotiated service agreement. This competitive product(s), applicable Competitive Product List and Notice of notice informs the public of the filing, statutory and regulatory requirements Filing (Under Seal) of Unredacted invites public comment, and takes other include 39 U.S.C. 3632, 39 U.S.C. 3633, Governors’ Decision, Contract, and administrative steps. 39 U.S.C. 3642, 39 CFR part 3015, and Supporting Data; Filing Acceptance DATES: Comments are due: November 1, 39 CFR part 3020, subpart B. Comment Date: October 25, 2016; Filing Authority: 2016. deadline(s) for each request appear in 39 U.S.C. 3642 and 39 CFR 3020.30 et ADDRESSES: Submit comments section II. seq.; Public Representative: Kenneth R. electronically via the Commission’s Moeller; Comments Due: November 2, Filing Online system at http:// II. Docketed Proceeding(s) 2016. www.prc.gov. Those who cannot submit 1. Docket No(s).: CP2017–21; Filing 5. Docket No(s).: MC2017–10 and comments electronically should contact Title: Notice of United States Postal CP2017–25; Filing Title: Request of the the person identified in the FOR FURTHER Service of Filing a Functionally United States Postal Service to Add INFORMATION CONTACT section by Equivalent Global Expedited Package Priority Mail Contract 252 to telephone for advice on filing Services 3 Negotiated Service Competitive Product List and Notice of alternatives. Agreement and Application for Non- Filing (Under Seal) of Unredacted FOR FURTHER INFORMATION CONTACT: Public Treatment of Materials Filed Governors’ Decision, Contract, and David A. Trissell, General Counsel, at Under Seal; Filing Acceptance Date: Supporting Data; Filing Acceptance 202–789–6820. October 24, 2016; Filing Authority: 39 Date: October 25, 2016; Filing Authority: SUPPLEMENTARY INFORMATION: CFR 3015.5; Public Representative: 39 U.S.C. 3642 and 39 CFR 3020.30 et Jennaca D. Upperman; Comments Due: Table of Contents November 1, 2016. seq.; Public Representative: Kenneth R. I. Introduction This notice will be published in the Moeller; Comments Due: November 2, II. Docketed Proceeding(s) Federal Register. 2016. 6. Docket No(s).: MC2017–11 and I. Introduction Stacy L. Ruble, CP2017–26; Filing Title: Request of the The Commission gives notice that the Secretary. United States Postal Service to Add Postal Service filed request(s) for the [FR Doc. 2016–26140 Filed 10–28–16; 8:45 am] Priority Mail Contract 253 to Commission to consider matters related BILLING CODE 7710–FW–P Competitive Product List and Notice of to negotiated service agreement(s). The Filing (Under Seal) of Unredacted request(s) may propose the addition or Governors’ Decision, Contract, and removal of a negotiated service RAILROAD RETIREMENT BOARD Supporting Data; Filing Acceptance agreement from the market dominant or Date: October 25, 2016; Filing Authority: the competitive product list, or the 2017 Railroad Experience Rating 39 U.S.C. 3642 and 39 CFR 3020.30 et modification of an existing product Proclamations, Monthly Compensation seq.; Public Representative: Curtis E. currently appearing on the market Base and Other Determinations Kidd; Comments Due: November 2, dominant or the competitive product AGENCY: Railroad Retirement Board. 2016. list. ACTION: Notice. Section II identifies the docket 7. Docket No(s).: MC2017–12 and number(s) associated with each Postal SUMMARY: Pursuant to section 8(c)(2) CP2017–27; Filing Title: Request of the Service request, the title of each Postal and section 12(r)(3) of the Railroad United States Postal Service to Add Service request, the request’s acceptance Unemployment Insurance Act (Act) (45 Priority Mail Express Contract 43 to date, and the authority cited by the U.S.C. 358(c)(2) and 45 U.S.C. 362(r)(3), Competitive Product List and Notice of Postal Service for each request. For each respectively), the Board gives notice of Filing (Under Seal) of Unredacted request, the Commission appoints an the following: Governors’ Decision, Contract, and officer of the Commission to represent 1. The balance to the credit of the Supporting Data; Filing Acceptance the interests of the general public in the Railroad Unemployment Insurance Date: October 25, 2016; Filing Authority: proceeding, pursuant to 39 U.S.C. 505 (RUI) Account, as of June 30, 2016, is 39 U.S.C. 3642 and 39 CFR 3020.30 et (Public Representative). Section II also $93,849,116.28; seq.; Public Representative: Curtis E. establishes comment deadline(s) 2. The September 30, 2016, balance of Kidd; Comments Due: November 2, pertaining to each request. any new loans to the RUI Account, 2016. sradovich on DSK3GMQ082PROD with NOTICES The public portions of the Postal including accrued interest, is zero; This notice will be published in the Service’s request(s) can be accessed via 3. The system compensation base is Federal Register. the Commission’s Web site (http:// $4,224,601,102.31 as of June 30, 2016; www.prc.gov). Non-public portions of 4. The cumulative system unallocated Stacy L. Ruble, the Postal Service’s request(s), if any, charge balance is ($408,501,327.51) as of Secretary. can be accessed through compliance June 30, 2016; [FR Doc. 2016–26215 Filed 10–28–16; 8:45 am] with the requirements of 39 CFR 5. The pooled credit ratio for calendar BILLING CODE 7710–FW–P 3007.40. year 2017 is zero; VerDate Sep<11>2014 17:53 Oct 28, 2016 Jkt 241001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\31OCN1.SGM 31OCN1

Federal Register / Vol. 81, No. 210 / Monday, October 31, 2016 / Notices 75455 6. The pooled charged ratio for monthly compensation base (section 1(i) Using the calendar year 2017 tier 1 tax calendar year 2017 is zero; of the Act) and amounts described in base of $127,200 for A above produces 7. The surcharge rate for calendar year sections 1(k), 2(c), 3 and 4(a–2)(i)(A) of the amount of $1,546.03, which must 2017 is 1.5 percent; the Act which are related to changes in then be rounded to $1,545. Accordingly, 8. The monthly compensation base the monthly compensation base. Also, the monthly compensation base is under section 1(i) of the Act is $1,545 the RRB is required to publish, by June determined to be $1,545 for months in for months in calendar year 2017; 11, 2017, the maximum daily benefit calendar year 2017. 9. The amount described in sections rate under section 2(a)(3) of the Act for 1(k) and 3 of the Act as ‘‘2.5 times the Amounts Related to Changes in days of unemployment and days of Monthly Compensation Base monthly compensation base’’ is sickness in registration periods $3,862.50 for base year (calendar year) beginning after June 30, 2017. For years after 1988, sections 1(k), 3, 2017; 4(a–2)(i)(A) and 2(c) of the Act contain 10. The amount described in section Surcharge Rate formulas for determining amounts 4(a–2)(i)(A) of the Act as ‘‘2.5 times the A surcharge is added in the related to the monthly compensation monthly compensation base’’ is calculation of each employer’s base. $3,862.50 with respect to contribution rate, subject to the Under section 1(k), remuneration disqualifications ending in calendar applicable maximum rate, for a calendar earned from employment covered under year 2017; the Act cannot be considered subsidiary year whenever the balance to the credit 11. The amount described in section remuneration if the employee’s base of the RUI Account on the preceding 2(c) of the Act as ‘‘an amount that bears year compensation is less than 2.5 times June 30 is less than the greater of $100 the same ratio to $775 as the monthly the monthly compensation base for million or the amount that bears the compensation base for that year as months in such base year. Under section same ratio to $100 million as the system computed under section 1(i) of this Act 3, an employee shall be a ‘‘qualified compensation base for that June 30 bears to $600’’ is $1,996 for months in employee’’ if his/her base year bears to the system compensation base calendar year 2017; compensation is not less than 2.5 times as of June 30, 1991. If the RUI Account 12. The maximum daily benefit rate the monthly compensation base for balance is less than $100 million (as under section 2(a)(3) of the Act is $72 months in such base year. Under section indexed), but at least $50 million (as with respect to days of unemployment 4(a–2)(i)(A), an employee who leaves indexed), the surcharge will be 1.5 and days of sickness in registration work voluntarily without good cause is percent. If the RUI Account balance is periods beginning after June 30, 2017. disqualified from receiving less than $50 million (as indexed), but DATES: The balance in notice (1) and the unemployment benefits until he has greater than zero, the surcharge will be determinations made in notices (3) been paid compensation of not less than 2.5 percent. The maximum surcharge of through (7) are based on data as of June 2.5 times the monthly compensation 3.5 percent applies if the RUI Account 30, 2016. The balance in notice (2) is base for months in the calendar year in balance is less than zero. based on data as of September 30, 2016. which the disqualification ends. The ratio of the June 30, 2016 system Multiplying 2.5 by the calendar year The determinations made in notices (5) compensation base of $4,224,601,102.31 through (7) apply to the calculation, 2017 monthly compensation base of to the June 30, 1991 system $1,545 produces $3,862.50. under section 8(a)(1)(C) of the Act, of compensation base of $2,763,287,237.04 employer contribution rates for 2017. Accordingly, the amount determined is 1.52883169. Multiplying 1.52883169 under sections 1(k), 3 and 4(a–2)(i)(A) is The determinations made in notices (8) by $100 million yields $152,883,169.00. through (11) are effective January 1, $3,862.50 for calendar year 2017. Multiplying $50 million by 1.52883169 Under section 2(c), the maximum 2017. The determination made in notice produces $76,441,584.50. The Account (12) is effective for registration periods amount of normal benefits paid for days balance on June 30, 2016, was of unemployment within a benefit year beginning after June 30, 2017. $93,849,116.28. Accordingly, the and the maximum amount of normal ADDRESSES: Secretary to the Board, surcharge rate for calendar year 2017 is benefits paid for days of sickness within Railroad Retirement Board, 844 Rush 1.5 percent. a benefit year shall not exceed an Street, Chicago, Illinois 60611–2092. Monthly Compensation Base employee’s compensation in the base FOR FURTHER INFORMATION CONTACT: year. In determining an employee’s base Michael J. Rizzo, Bureau of the Actuary, For years after 1988, section 1(i) of the year compensation, any money Railroad Retirement Board, 844 Rush Act contains a formula for determining remuneration in a month not in excess Street, Chicago, Illinois 60611–2092, the monthly compensation base. Under of an amount that bears the same ratio telephone (312) 751–4771. the prescribed formula, the monthly to $775 as the monthly compensation SUPPLEMENTARY INFORMATION: The RRB compensation base increases by base for that year bears to $600 shall be is required by section 8(c)(1) of the approximately two-thirds of the taken into account. The calendar year Railroad Unemployment Insurance Act cumulative growth in average national 2017 monthly compensation base is (Act) (45 U.S.C. 358(c)(1)) as amended wages since 1984. The monthly $1,545. The ratio of $1,545 to $600 is by Public Law 100–647, to proclaim by compensation base for months in 2.57500000. Multiplying 2.57500000 by October 15 of each year certain system- calendar year 2017 shall be equal to the $775 produces $1,996. Accordingly, the wide factors used in calculating greater of (a) $600 or (b) $600 [1 + amount determined under section 2(c) is experience-based employer contribution {(A¥37,800)/56,700}], where A equals $1,996 for months in calendar year rates for the following year. The RRB is the amount of the applicable base with sradovich on DSK3GMQ082PROD with NOTICES 2017. further required by section 8(c)(2) of the respect to tier 1 taxes for 2017 under Act (45 U.S.C. 358(c)(2)) to publish the section 3231(e)(2) of the Internal Maximum Daily Benefit Rate amounts so determined and proclaimed. Revenue Code of 1986. Section 1(i) Section 2(a)(3) contains a formula for The RRB is required by section 12(r)(3) further provides that if the amount so determining the maximum daily benefit of the Act (45 U.S.C. 362(r)(3)) to determined is not a multiple of $5, it rate for registration periods beginning publish by December 11, 2016, the shall be rounded to the nearest multiple after June 30, 1989, and after each June computation of the calendar year 2017 of $5. 30 thereafter. Legislation enacted on VerDate Sep<11>2014 17:53 Oct 28, 2016 Jkt 241001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\31OCN1.SGM 31OCN1

75456 Federal Register / Vol. 81, No. 210 / Monday, October 31, 2016 / Notices October 9, 1996, revised the formula for SECURITIES AND EXCHANGE the most significant parts of such indexing maximum daily benefit rates. COMMISSION statements. Under the prescribed formula, the [Release No. 34–79148; File No. SR– A. Self-Regulatory Organization’s maximum daily benefit rate increases by BatsBYX–2016–27] Statement of the Purpose of, and approximately two-thirds of the Statutory Basis for, the Proposed Rule cumulative growth in average national Self-Regulatory Organizations; Bats Change wages since 1984. The maximum daily BYX Exchange, Inc.; Notice of Filing benefit rate for registration periods and Immediate Effectiveness of a 1. Purpose beginning after June 30, 2017, shall be Proposed Rule Change To Amend BYX The Exchange proposes to amend equal to 5 percent of the monthly Rule 11.13, Order Execution and Exchange Rule 11.13(b)(1) to describe compensation base for the base year Routing when an order to sell marked 5 as immediately preceding the beginning of ‘‘short’’ 6 may be eligible for routing the benefit year. Section 2(a)(3) further October 25, 2016. when a short sale price test restriction provides that if the amount so computed Pursuant to Section 19(b)(1) of the is in effect. Under Rule 201 of is not a multiple of $1, it shall be Securities Exchange Act of 1934 (the Regulation SHO,7 short sale orders in a rounded down to the nearest multiple of ‘‘Act’’),1 and Rule 19b–4 thereunder,2 covered security 8 generally cannot be $1. notice is hereby given that on October executed or displayed by a Trading The calendar year 2016 monthly 12, 2016, Bats BYX Exchange, Inc. (the Center,9 such as the Exchange, at a price compensation base is $1,455. ‘‘Exchange’’ or ‘‘BYX’’) filed with the that is at or below the current national Multiplying $1,455 by 0.05 yields Securities and Exchange Commission best bid (‘‘NBB’’) 10 when a short sale $72.75. Accordingly, the maximum (‘‘Commission’’) the proposed rule circuit breaker is in effect for the daily benefit rate for days of change as described in Items I, II, and covered security (the ‘‘short sale price unemployment and days of sickness III below, which Items have been test restriction’’).11 beginning in registration periods after prepared by the Exchange. The Under Rule 11.13(b)(1), an order June 30, 2017, is determined to be $72. Exchange has designated this proposal marked ‘‘short’’ when a short sale price as a ‘‘non-controversial’’ proposed rule test restriction is in effect is not eligible Dated: October 26, 2016. change pursuant to Section 19(b)(3)(A) for routing by the Exchange. If an order By Authority of the Board. of the Act 3 and Rule 19b–4(f)(6)(iii) is ineligible for routing due to a short Martha P. Rico, thereunder,4 which renders it effective sale price test restriction and such order Secretary to the Board. upon filing with the Commission. The is an Immediate or Cancel (‘‘IOC’’) [FR Doc. 2016–26167 Filed 10–28–16; 8:45 am] Commission is publishing this notice to Order 12 or a BYX Market Order,13 then BILLING CODE 7905–01–P solicit comments on the proposed rule change from interested persons. 5 17 CFR 242.200(g). 6 The term ‘‘short sale’’ is defined as ‘‘any sale of I. Self-Regulatory Organization’s a security which the seller does not own or any sale Statement of the Terms of the Substance which is consummated by the delivery of a security SECURITIES AND EXCHANGE of the Proposed Rule Change borrowed by, or for the account of, the seller.’’ 17 COMMISSION CFR 242.200(a). The Exchange filed a proposal to 7 See 17 CFR 242.201; Securities Exchange Act Sunshine Act Meeting amend Exchange Rule 11.13(b)(1) to Release No. 61595 (February 26, 2010), 75 FR 11232 describe when an order marked as (March 10, 2010). 8 Rule 201(a)(1) of Regulation SHO defines the FEDERAL REGISTER CITATION OF PREVIOUS ‘‘short’’ may be eligible for routing when term ‘‘covered security’’ to mean any ‘‘NMS stock’’ ANNOUNCEMENT: [81 FR 73459, October a short sale price test restriction is in as defined under Rule 600(b)(47) of Regulation 25, 2016]. effect. NMS. Rule 600(b)(47) of Regulation NMS defines an The text of the proposed rule change ‘‘NMS stock’’ as ‘‘any NMS security other than an STATUS: Open Meeting. is available at the Exchange’s Web site option.’’ Rule 600(b)(46) of Regulation NMS defines an ‘‘NMS security’’ as ‘‘any security or class of PLACE: 100 F Street NE., Washington, at www.batstrading.com, at the securities for which transaction reports are DC. principal office of the Exchange, and at collected, processed, and made available pursuant the Commission’s Public Reference to an effective transaction reporting plan, or an DATE AND TIME OF PREVIOUSLY ANNOUNCED effective national market system plan for reporting Room. MEETING: Wednesday, October 26, 2016 transactions in listed options.’’ 17 CFR 10:00 a.m. II. Self-Regulatory Organization’s 242.201(a)(1); 17 CFR 242.600(b)(46); and 17 CFR Statement of the Purpose of, and 242.600(b)(47). CHANGE IN THE MEETING: Time Change. 9 Rule 201(a)(9) of Regulation SHO states that the Statutory Basis for, the Proposed Rule term ‘‘Trading Center’’ shall have the same meaning The Open Meeting scheduled for Change as in Rule 600(b)(78) of Regulation NMS. Rule Wednesday, October 26, 2016 at 10:00 600(b)(78) of Regulation NMS defines a ‘‘Trading a.m., has been changed to Wednesday, In its filing with the Commission, the Center’’ as ‘‘a national securities exchange or October 26, 2016 at 11:00 a.m. Exchange included statements national securities association that operates an SRO concerning the purpose of and basis for trading facility, an alternative trading system, an For further information and to the proposed rule change and discussed exchange market maker, an OTC market maker, or ascertain what, if any, matters have been any comments it received on the any other broker or dealer that executes orders added, deleted or postponed, please internally by trading as principal or crossing orders proposed rule change. The text of these as agent.’’ 17 CFR 242.200(a)(9); 17 CFR contact: statements may be examined at the 242.600(b)(78). sradovich on DSK3GMQ082PROD with NOTICES The Office of the Secretary at (202) places specified in Item IV below. The 10 17 CFR 242.201(a)(4); 17 CFR 242.600(b)(42). 551–5400. Exchange has prepared summaries, set 11 17 CFR 242.201(b)(1). 12 See Exchange Rule 11.9(b)(1). Dated: October 26, 2016. forth in Sections A, B, and C below, of 13 See Exchange Rule 11.9(a)(2). The Exchange Brent J. Fields, also proposes to remove the reference to BYX 1 15 U.S.C. 78s(b)(1). Secretary. Market Orders in Rule 11.13(b)(1) as BYX Market 2 17 CFR 240.19b–4. Orders with a time-in-force of Day that are [FR Doc. 2016–26304 Filed 10–27–16; 11:15 am] 3 15 U.S.C. 78s(b)(3)(A). ineligible for routing due to a short sale price test BILLING CODE 8011–01–P 4 17 CFR 240.19b–4(f)(6)(iii). restriction pursuant to Rule 201 of Regulation SHO VerDate Sep<11>2014 17:53 Oct 28, 2016 Jkt 241001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FR\FM\31OCN1.SGM 31OCN1


Document Created: 2018-02-02 12:13:46
Document Modified: 2018-02-02 12:13:46
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesThe balance in notice (1) and the determinations made in notices (3) through (7) are based on data as of June 30, 2016. The balance in notice (2) is based on data as of September 30, 2016. 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 2017. The determinations made in notices (8) through (11) are effective January 1, 2017. The determination made in notice (12) is effective for registration periods beginning after June 30, 2017.
ContactMichael J. Rizzo, Bureau of the Actuary, Railroad Retirement Board, 844 Rush Street, Chicago, Illinois 60611-2092, telephone (312) 751-4771.
FR Citation81 FR 75454 
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