Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 91809 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Christopher Mohr; Comments Due: 

November 22, 2024. 

18. Docket No(s).: MC2025–405 and 

K2025–403; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 724 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Elsie Lee-Robbins; Comments Due: 

November 22, 2024. 

19. Docket No(s).: MC2025–407 and 

K2025–405; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 725 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Gregory Stanton; Comments Due: 

November 22, 2024. 

20. Docket No(s).: MC2025–408 and 

K2025–406; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 726 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Jennaca Upperman; Comments Due: 

November 22, 2024. 

21. Docket No(s).: MC2025–409 and 

K2025–407; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 727 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Jennaca Upperman; Comments Due: 

November 22, 2024. 

22. Docket No(s).: MC2025–410 and 

K2025–408; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 728 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Gregory Stanton; Comments Due: 

November 22, 2024. 

23. Docket No(s).: MC2025–411 and 

K2025–409; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 729 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Jennaca Upperman; Comments Due: 

November 22, 2024. 

24. Docket No(s).: MC2025–412 and 

K2025–410; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 730 to the Competitive Product 

List and Notice of Filing Materials 

Under Seal; Filing Acceptance Date: 

November 14, 2024; Filing Authority: 39 

U.S.C. 3642, 39 CFR 3035.105, and 39 

CFR 3041.310; Public Representative: 

Jennaca Upperman; Comments Due: 

November 22, 2024. 

III. Summary Proceeding(s) 

None. See Section II for public 

proceedings. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2024–27126 Filed 11–19–24; 8:45 am] 

BILLING CODE 7710–FW–P 

RAILROAD RETIREMENT BOARD 

2025 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 

2025 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, 2024. The balance in notice (2) is 

based on data as of September 30, 2024. 

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 2025. 

The determinations made in notices (8) 

through (11) are effective January 1, 

2025. The determination made in notice 

(12) is effective for registration periods 

beginning after June 30, 2025. 

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, 2024, the 

computation of the calendar year 2025 

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, 2025, 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, 2025. 

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, 2024, is 

$454,806,922.20; 

2. The September 30, 2024, balance of 

any new loans to the RUI Account, 

including accrued interest, is zero; 

3. The system compensation base is 

$4,603,450,450.74 as of June 30, 2024; 

4. The cumulative system unallocated 

charge balance is ($494,856,655.87) as of 

June 30, 2024; 

5. The pooled credit ratio for calendar 

year 2025 is 0.83 percent; 

6. The pooled charged ratio for 

calendar year 2025 is zero; 

7. The surcharge rate for calendar year 

2025 is zero; 

8. The monthly compensation base 

under section 1(i) of the Act is $2,065 

for months in calendar year 2025; 

9. The amount described in sections 

1(k) and 3 of the Act as ‘‘2.5 times the 

monthly compensation base’’ is 

$5,162.50 for base year (calendar year) 

2025; 

10. The amount described in section 

4(a–2)(i)(A) of the Act as ‘‘2.5 times the 


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91810 Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 

monthly compensation base’’ is 

$5,162.50 with respect to 

disqualifications ending in calendar 

year 2025; 

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 $2,667 for months in 

calendar year 2025; 

12. The maximum daily benefit rate 

under section 2(a)(3) of the Act is $99 

with respect to days of unemployment 

and days of sickness in registration 

periods beginning after June 30, 2025. 

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, 2024 system 

compensation base of $4,603,450,450.74 

to the June 30, 1991 system 

compensation base of $2,763,287,237.04 

is 1.66593266. Multiplying 1.66593266 

by $100 million yields $166,593,266.00. 

Multiplying $50 million by 1.66593266 

produces $83,296,633.00. The Account 

balance on June 30, 2024, was 

$454,806,922.20. Accordingly, the 

surcharge rate for calendar year 2025 is 

zero. 

Pooled Credit 

A pooled credit is applied in the 

calculation of each employer’s 

contribution rate, subject to the 

applicable minimum rate, for a calendar 

year whenever the balance to the credit 

of the RUI Account on the preceding 

June 30 is more than the greater of $250 

million or the amount that bears the 

same ratio to $250 million as the system 

compensation base for that June 30 

bears to the system compensation base 

as of June 30, 1991. If the balance is 

more than the greater of $250 million or 

the indexed $250 million, the excess 

amount is divided by the system 

compensation base for the preceding 

calendar year, resulting in the pooled 

credit amount. 

The ratio of the June 30, 2024 system 

compensation base of $4,603,450,450.74 

to the June 30, 1991 system 

compensation base of $2,763,287,237.04 

is 1.66593266. Multiplying 1.66593266 

by $250 million yields $416,483,165.00. 

The Account balance on June 30, 2024, 

was $454,806,922.20. The difference 

between the indexed threshold and the 

Account balance is $38,323,757.20. 

Dividing $38,323,757.20 by 

$4,603,450,450.74 yields 0.0083, or 0.83 

percent, the pooled credit amount for 

2025. 

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 2025 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 2025 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 2025 tier 1 tax 

base of $176,100 for A above produces 

the amount of $2,063.49, which must 

then be rounded to $2,065. Accordingly, 

the monthly compensation base is 

determined to be $2,065 for months in 

calendar year 2025. 

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 

2025 monthly compensation base of 

$2,065 produces $5,162.50. 

Accordingly, the amount determined 

under sections 1(k), 3 and 4(a–2)(i)(A) is 

$5,162.50 for calendar year 2025. 

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 2025 monthly 

compensation base is $2,065. The ratio 

of $2,065 to $600 is 3.44166667. 

Multiplying 3.44166667 by $775 

produces $2,667. Accordingly, the 

amount determined under section 2(c) is 

$2,667 for months in calendar year 

2025. 

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, 2025, 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 2024 monthly 

compensation base is $1,985. 

Multiplying $1,985 by 0.05 yields 

$99.25. Accordingly, the maximum 

daily benefit rate for days of 

unemployment and days of sickness 

beginning in registration periods after 

June 30, 2025, is determined to be $99. 


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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 91811 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Cboe Rule 1.1 defines a ‘‘Unit’’ (which may also 

be referred to as an exchange-traded fund (‘‘ETF’’)) 

as a share or other security traded on a national 

securities exchange and defined as an NMS stock 

as set forth in Rule 4.3. 

4The Commission approved proposals by several 

exchanges to list and trade shares of trusts that hold 

Ether, including the Ethereum Funds. See 

Securities Exchange Act Release Nos. 100224 (May 

23, 2024), 89 FR 46937 (May 30, 2024); and 100541 

(July 17, 2024), 89 FR 59786 (July 23, 2024). 

5See Securities Exchange Act Release No. 100862 

(Aug. 28, 2024), 89 FR 72146 (‘‘Notice’’). 

6 15 U.S.C. 78s(b)(2). 

7See Securities Exchange Act Release No. 101321 

(Oct. 11, 2024), 89 FR 83723 (Oct. 17, 2024) 

(designating December 3, 2024, as the date by 

which the Commission shall either approve, 

disapprove, or institute proceedings to determine 

whether to disapprove the proposed rule change). 8 15 U.S.C. 78s(b)(2)(B). 

9See supra note 5. 10See Notice, 89 FR at 72146–7. 11See id. at 72147. 12The Exchange states that the trusts may include 

minimal cash. See id. at note 5. 

13See Notice, 89 FR at 72147. 

14See id. 

15See id. 

16See id. 

17The Exchange states that the criteria and 

guidelines for a security to be considered widely 

held and actively traded are set forth in Exchange 

Rule 4.3, Interpretation and Policy .01, subject to 

exceptions. See id. at note 7. 

By Authority of the Board. 

Stephanie Hillyard, 

Secretary to the Board. 

[FR Doc. 2024–27066 Filed 11–19–24; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101631; File No. SR– 

CBOE–2024–036] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change To List and Trade 

Options on Ethereum ExchangeTraded Funds 

November 14, 2024. 

I. Introduction 

On August 19, 2024, Cboe Exchange, 

Inc. (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to allow the listing and trading 

of options on Units 3 that represent 

interests in the Fidelity Ethereum Fund 

(the ‘‘Fidelity Fund’’), the 21Shares Core 

Ethereum ETF (the ‘‘21Shares Fund’’), 

the Invesco Galaxy Ethereum ETF (the 

‘‘Invesco Fund’’), the Franklin Ethereum 

ETF (the ‘‘Franklin Fund’’), the VanEck 

Ethereum Trust (the ‘‘VanEck Fund’’), 

the Grayscale Ethereum Trust (the 

‘‘Grayscale Fund’’), the Grayscale Mini 

Ethereum Trust (the ‘‘Grayscale Mini 

Fund’’), the Bitwise Ethereum ETF (the 

‘‘Bitwise Fund’’), and the iShares 

Ethereum Trust ETF (the ‘‘iShares 

Fund’’ and, collectively, the ‘‘Ethereum 

Funds’’).4 The proposed rule change 

was published for comment in the 

Federal Register on September 4, 2024.5

The Commission has received no 

comments regarding the proposal. 

On October 11, 2024, pursuant to 

Section 19(b)(2) of the Exchange Act,6

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.7

This order institutes proceedings under 

Section 19(b)(2)(B) of the Act 8 to 

determine whether to approve or 

disapprove the proposed rule change. 

II. Description of the Proposed Rule 

Change 

As described more fully in the 

Notice,9 the Exchange proposes to 

amend Exchange Rule 4.3, 

Interpretation and Policy .06(a)(4) to 

allow the Exchange to list and trade 

options on Units of the Ethereum 

Funds. The Exchange states that current 

Exchange Rule 4.3, Interpretation and 

Policy .06(a) provides that, subject to 

certain other criteria set forth in that 

Rule, securities deemed appropriate for 

options trading include Units that 

represent certain types of interests, 

including interests in certain specific 

trusts that hold financial instruments, 

money market instruments, or precious 

metals (which are deemed 

commodities).10

The Exchange states that the 

Ethereum Funds are Ethereum-backed 

commodity ETFs structured as trusts, 

and that, similar to any Unit currently 

deemed appropriate for options trading 

under Exchange Rule 4.3, Interpretation 

and Policy .06, the investment objective 

of each Ethereum Fund trust is for its 

shares to reflect the performance of 

Ethereum (less the expenses of the 

trust’s operations), offering investors an 

opportunity to gain exposure to 

Ethereum without the complexities of 

Ethereum delivery.11 The Exchange 

states that, as is the case for Units 

currently deemed appropriate for 

options trading, an Ethereum Fund’s 

shares represent units of fractional 

undivided beneficial interest in the 

trust, the assets of which consist 

principally of Ethereum and are 

designed to track Ethereum or the 

performance of the price of Ethereum 

and offer access to the Ethereum 

market.12 The Exchange states that the 

Ethereum Funds provide investors with 

cost-efficient alternatives that allow a 

level of participation in the Ethereum 

market through the securities market, 

and that the primary substantive 

difference between Ethereum Funds and 

Units currently deemed appropriate for 

options trading are that Units may hold 

securities, certain financial instruments, 

and specified precious metals (which 

are deemed commodities), while 

Ethereum Funds hold Ethereum (which 

is also deemed a commodity).13

The Exchange states that it believes 

that the Ethereum Funds satisfy the 

Exchange’s initial listing standards in 

Exchange Rule 4.3, Interpretation and 

Policy .06(b) that Units must either (1) 

meet the criteria and standards set forth 

in Rule 4.3, Interpretation and Policy 

.01(a), or (2) be available for creation or 

redemption each business day from or 

through the issuer in cash or in kind at 

a price related to net asset value, and 

the issuer must be obligated to issue 

Units in a specified aggregate number 

even if some or all of the investment 

assets required to be deposited have not 

been received by the issuer, subject to 

the condition that the person obligated 

to deposit the investments has 

undertaken to deliver the investment 

assets as soon as possible and such 

undertaking is secured by the delivery 

and maintenance of collateral consisting 

of cash or cash equivalents satisfactory 

to the issuer, as provided in the 

respective prospectus.14 The Exchange 

states that the Ethereum Funds satisfy 

Exchange Rule 4.3, Interpretation and 

Policy .06(b)(2), as they are all subject 

to this creation and redemption 

process.15

The Exchange further states that, 

while not required by the Exchange’s 

Rules for purposes of options listings, 

the majority of the Ethereum Funds 

satisfy the criteria and guidelines set 

forth in Exchange Rule 4.3, 

Interpretation and Policy .01.16 The 

Exchange states that, pursuant to 

Exchange Rule 4.3(a), a security (which 

includes a Unit) on which options may 

be listed and traded on the Exchange 

must be duly registered (with the 

Commission) and be an NMS stock (as 

defined in Rule 600 of Regulation NMS 

under the Act), and be characterized by 

a substantial number of outstanding 

shares that are widely held and actively 

traded.17 The Exchange states that each 

of the Ethereum Funds is an NMS Stock, 

as defined in Rule 600 of Regulation 


khammond on DSK9W7S144PROD with NOTICES