64632 Federal Register / Vol. 79, No. 210 / Thursday, October 30, 2014 / Notices 

RAILROAD RETIREMENT BOARD 

2015 Railroad Experience Rating 

Proclamations, Monthly Compensation 

Base and Other Determinations 

AGENCY: Railroad Retirement Board. 

ACTION: Notice. 

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, 2014, is 

$140,802,288.41; 

2. The September 30, 2014, balance of 

any new loans to the RUI Account, 

including accrued interest, is zero; 

3. The system compensation base is 

$3,901,571,076.71 as of June 30, 2014; 

4. The cumulative system unallocated 

charge balance is ($379,702,597.46) as of 

June 30, 2014; 

5. The pooled credit ratio for calendar 

year 2015 is zero; 

6. The pooled charged ratio for 

calendar year 2015 is zero; 

7. The surcharge rate for calendar year 

2015 is 1.5 percent; 

8. The monthly compensation base 

under section 1(i) of the Act is $1,455 

for months in calendar year 2015; 

9. The amount described in sections 

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

monthly compensation base’’ is 

$3,637.50 for base year (calendar year) 

2015; 

10. The amount described in section 

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

monthly compensation base’’ is 

$3,637.50 with respect to 

disqualifications ending in calendar 

year 2015; 

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 $1,879 for months in 

calendar year 2015; 

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, 2015. 

DATES: The balance in notice (1) and the 

determinations made in notices (3) 

through (7) are based on data as of June 

30, 2014. The balance in notice (2) is 

based on data as of September 30, 2014. 

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 2015. 

The determinations made in notices (8) 

through (11) are effective January 1, 

2015. The determination made in notice 

(12) is effective for registration periods 

beginning after June 30, 2015. 

ADDRESSES: Secretary to the Board, 

Railroad Retirement Board, 844 Rush 

Street, Chicago, Illinois 60611–2092. 

FOR FURTHER INFORMATION CONTACT: 

Marla L. Huddleston, Bureau of the 

Actuary, Railroad Retirement Board, 844 

Rush Street, Chicago, Illinois 60611– 

2092, telephone (312) 751–4779. 

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, 2014, the 

computation of the calendar year 2015 

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, 2015, 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, 2015. 

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, 2014 system 

compensation base of $3,901,571,076.71 

to the June 30, 1991 system 

compensation base of $2,763,287,237.04 

is 1.41193106. Multiplying 1.41193106 

by $100 million yields $141,193,106. 

Multiplying $50 million by 1.41193106 

produces 70,596,553. The Account 

balance on June 30, 2014, was 

$140,802,288.41. Accordingly, the 

surcharge rate for calendar year 2015 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 2015 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 2015 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 2015 tier 1 tax 

base of $118,500 for A above produces 

the amount of $1,453.97, which must 

then be rounded to $1,455. Accordingly, 

the monthly compensation base is 

determined to be $1,455 for months in 

calendar year 2015. 

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 

2015 monthly compensation base of 

$1,455 produces $3,637.50. 

Accordingly, the amount determined 

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

$3,637.50 for calendar year 2015. 


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Federal Register / Vol. 79, No. 210 / Thursday, October 30, 2014 / Notices 64633 

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 2015 monthly 

compensation base is $1,455. The ratio 

of $1,455 to $600 is 2.42500000. 

Multiplying 2.42500000 by $775 

produces $1,879. Accordingly, the 

amount determined under section 2(c) is 

$1,879 for months in calendar year 

2015. 

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, 2015, 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 2014 monthly 

compensation base is $1,440. 

Multiplying $1,440 by 0.05 yields $72. 

Accordingly, the maximum daily benefit 

rate for days of unemployment and days 

of sickness beginning in registration 

periods after June 30, 2015, is 

determined to be $72. 

By Authority of the Board. 

Martha P. Rico, 

Secretary to the Board. 

[FR Doc. 2014–25810 Filed 10–29–14; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

31319; 812–14271] 

ETF Securities Advisors LLC, et al.; 

Notice of Application 

October 24, 2014. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application for an 

order under section 6(c) of the 

Investment Company Act of 1940 

(‘‘Act’’) for an exemption from sections 

2(a)(32), 5(a)(1), 22(d) and 22(e) of the 

Act and rule 22c–1 under the Act, under 

sections 6(c) and 17(b) of the Act for an 

exemption from sections 17(a)(1) and 

17(a)(2) of the Act, and under section 

12(d)(1)(J) of the Act for an exemption 

from sections 12(d)(1)(A) and 

12(d)(1)(B) of the Act. 

APPLICANTS: ETF Securities Advisors 

LLC (‘‘ETF Securities’’), ETFS Trust (the 

‘‘Trust’’), and ALPS Distributors, Inc. 

(the ‘‘Distributor’’). 

SUMMARY OF APPLICATION: Applicants 

request an order that permits: (a) 

Actively-managed series of certain 

open-end management investment 

companies to issue shares (‘‘Shares’’) 

redeemable in large aggregations only 

(‘‘Creation Units’’); (b) secondary market 

transactions in Shares to occur at 

negotiated market prices; (c) certain 

series to pay redemption proceeds, 

under certain circumstances, more than 

seven days from the tender of Shares for 

redemption; (d) certain affiliated 

persons of the series to deposit 

securities into, and receive securities 

from, the series in connection with the 

purchase and redemption of Creation 

Units; and (e) certain registered 

management investment companies and 

unit investment trusts outside of the 

same group of investment companies as 

the series to acquire Shares. 

DATES: Filing Dates: The application 

was filed on January 29, 2014 and 

amended on July 29, 2014 and October 

23, 2014. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on November 18, 2014, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Hearing requests should state 

the nature of the writer’s interest, the 

reason for the request, and the issues 

contested. Persons who wish to be 

notified of a hearing may request 

notification by writing to the 

Commission’s Secretary. 

ADDRESSES: The Commission: Brent J. 

Fields, Secretary, U.S. Securities and 

Exchange Commission, 100 F Street NE., 

Washington, DC 20549–1090; 

Applicants: ETF Securities Advisors 

LLC and ETFS Trust, 48 Wall Street, 

New York, NY 10005; Distributor: ALPS 

Distributors, Inc., P.O. Box 328, Denver, 

CO 80201. 

FOR FURTHER INFORMATION CONTACT: 

Vanessa M. Meeks, Senior Counsel, at 

(202) 551–6806 or Melissa R. Harke, 

Branch Chief, at (202) 551–6722 

(Division of Investment Management, 

Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

Web site by searching for the file 

number, or for an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Applicants’ Representations 

1. The Trust will be registered as an 

open-end management investment 

company under the Act and is a 

statutory trust organized under the laws 

of Delaware. The Trust initially will 

offer one series, the ETFS Diversified 

Commodities Fund (the ‘‘Initial Fund’’), 

which applicants state will seek total 

return. The Initial Fund will be an 

investment company subject to 

regulation under the 1940 Act and will 

seek to achieve its investment objective 

by investing substantially all of its 

assets in a combination of commodity 

and currency-linked investments, U.S. 

government securities and money 

market instruments. The Initial Fund 

will seek to gain exposure to commodity 

markets, in whole or in part, through 

investments in a wholly-owned 

subsidiary that will be organized under 

the laws of the Cayman Islands. 

2. ETF Securities, a Delaware limited 

liability company, will be registered as 

an investment adviser under the 

Investment Advisers Act of 1940 

(‘‘Advisers Act’’). ETF Securities will 

serve as investment adviser to the Initial 

Fund. The Advisor (as defined below) 

may in the future retain one or more 

sub-advisors (each a ‘‘Sub-Advisor’’) to 

manage the portfolios of the Funds (as 

defined below). Any Sub-Advisor will 

be registered, or not subject to 

registration, under the Advisers Act. 

The Distributor is a registered brokerVerDate Sep<11>2014 17:40 Oct 29, 2014 Jkt 235001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\30OCN1.SGM 30OCN1

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