📋Proposed Data Collection by Railroad Retirement Board
In accordance with the requirement of Section 3506 (c)(2)(A) of the Paperwork Reduction Act of 1995 which provides opportunity for public comment on new or revised data collections, the Railroad Retirement Board (RRB) will publish periodic summaries of proposed data collections. Comments are invited on: (a) Whether the proposed information collection is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the RRB's estimate of the burden of the collection of the information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden related to the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. 1. Title and purpose of information collection: Employee Representative's Status and Compensation Reports; OMB 3220-0014. Under Section 1(b)(1) of the Railroad Retirement Act (RRA) (45 U.S.C. 231b), the term "employee" includes an individual who is an employee representative. As defined in Section 1(c) of the RRA, an employee representative is an officer or official representative of a railway labor organization other than a labor organization included in the term "employer," as defined in the RRA, who before or after August 29, 1935, was in the service of an employer under the RRA and who is duly authorized and designated to represent employees in accordance with the Railway Labor Act, or, any individual who is regularly assigned to or regularly employed by such officer or official representative in connection with the duties of his or her office. The requirements relating to the application for employee representative status and the periodic reporting of the compensation resulting from such status is contained in 20 CFR 209.10. The RRB utilizes Form DC-2, Employee Representative's Report of Compensation, to obtain the information needed to determine employee representative status and to maintain a record of creditable service and compensation resulting from such status. Completion is required to obtain or retain a benefit. One response is requested of each respondent. The RRB proposes a minor change to address in Paperwork Reduction Act Notice section to Form DC-2.
Learn More💰New Regulations on TSP Loan Reamortization Impacting Federal Employees
The Federal Retirement Thrift Investment Board (FRTIB) is amending a regulation to require the Thrift Savings Plan (TSP) record keeper to combine the accrued interest with the outstanding principal when reamortizing a loan.
Learn More📈Regulation on Correction Methods for Retired Lifecycle Funds
The Federal Retirement Thrift Investment Board (FRTIB) amends its regulation regarding the method for correcting errors involving Lifecycle Funds that no longer exist. Specifically, it reverts to the use of a constructed share price to calculate breakage and the value of negative adjustments for errors involving Lifecycle Funds that no longer exist as of June 1, 2022.
Learn More⚖️New Regulations under the Administrative False Claims Act
The Railroad Retirement Board amends its regulations to implement statutory amendments to the Administrative False Claims Act. These amendments revise and remove procedures under the Administrative False Claims Act that are no longer applicable due to statutory changes and implement new procedures allowing administrative false claims to be referred to the Civilian Board of Contract Appeals for adjudication.
Learn More📄Railroad Retirement Board Seeks Comments on Data Collection Proposal
In accordance with the requirement of section 3506 (c)(2)(A) of the Paperwork Reduction Act of 1995 which provides opportunity for public comment on new or revised data collections, the Railroad Retirement Board (RRB) will publish periodic summaries of proposed data collections. Comments are invited on: (a) Whether the proposed information collection is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the RRB's estimate of the burden of the collection of the information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden related to the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Type of Information Collection: New Collection (Request for a new OMB Control Number). Title and Purpose of Information Collection: Citizen-Centric Online Self-Services (CCOSS) Authorization; OMB 3220-NEW. Section 7(b)(6) of the Railroad Retirement Act (RRA) (45 U.S.C. 231f) and 20 CFR part 321 under the Railroad Unemployment Insurance Act (RUIA) permits annuitants, beneficiaries and claimants to submit mailing address and direct deposit authorizations to facilitate the Railroad Retirement Board (RRB) verification and certification of benefit payments electronically. The Government Paperwork Elimination Act requires federal agencies to provide the public the option to submit, maintain and transact business electronically. The procedures pertaining to the RRB's authority to collection direct deposit and mailing address information to carry out RRA and RUIA benefit payment are contained in 45 U.S.C. 231 and 20 CFR part 321. The RRB propose to use "Form COA-1, Change of Address (internet)" to allow railroad annuitants, beneficiaries and claimants to initiate a change to their mailing address through the Citizen-Centric Online Self-Services (CCOSS) on the myRRB web portal (RRB.gov) after completing the Login.gov identify verification process. Railroad annuitants, beneficiaries and claimants can update their mailing address as needed and retirees, who have multiple residences and live temporarily at each residence for part of the year, can request two or more address changes annually. The RRB will use the information to verify the name and address of each annuitant, beneficiary and claimant entitled to receive a benefit payment. The RRB propose to use "Form DDC-1, Direct Deposit Change (internet)" to allow a railroad annuitants, beneficiaries and claimants to update their direct deposit information through the Citizen-Centric Online Self-Services (CCOSS) on the myRRB web portal (RRB.gov) after completing the Login.gov identify verification process. Railroad annuitants, beneficiaries and claimants can update their direct deposit information as needed. The RRB will provide the information to the U.S. Department of the Treasury to process electronic fund transfer payments to the claimant's financial institution account.
Learn More💰Proposed Rule on Curing Missed Loan Payments by FRTIB
The Federal Retirement Thrift Investment Board (FRTIB) proposes to update its regulations regarding the methods available to participants to cure missed loan payments. The proposed change will also clarify the number of missed payments which must be brought back into compliance by the last day of the quarter following the quarter in which the payment was missed to avoid triggering a deemed distribution.
Learn More📈Proposed Rule for Correcting Errors in Retired Lifecycle Funds
The Federal Retirement Thrift Investment Board (FRTIB) is proposing to amend its regulation regarding the method for correcting errors involving Lifecycle Funds that no longer exist. Specifically, it is reverting to the use of a constructed share price to calculate breakage and the value of negative adjustments for errors involving Lifecycle Funds that no longer exist as of June 1, 2022.
Learn More🚂Proposed Data Collection Regulations for Railroad Employers
In accordance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995 which provides opportunity for public comment on new or revised data collections, the Railroad Retirement Board (RRB) will publish periodic summaries of proposed data collections. Comments are invited on: (a) Whether the proposed information collection is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the RRB's estimate of the burden of the collection of the information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden related to the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. 1. Title and purpose of information collection: Employer's Quarterly Report of Contributions under the Railroad Unemployment Insurance Act; OMB 3220-0012. Under Section 8 of the Railroad Unemployment Insurance Act (RUIA) (45 U.S.C. 358), the RRB determines the amount of an employer's contribution, primarily on the basis of the RUIA benefits paid, both unemployment and sickness, to the employees of the railroad employer. These experienced-based contributions take into account the frequency, volume, and duration of the employees' unemployment and sickness benefits. Each employer's contribution rate includes a component for administrative expenses as well as a component to cover costs shared by all employers. The regulations prescribing the manner and conditions for remitting the contributions and for adjusting overpayments or underpayments of contributions are contained in 20 CFR 345. RRB Form DC-1, Employer's Quarterly Report of Contributions under the Railroad Unemployment Insurance Act, is used by railroad employers to report and remit their quarterly contributions to the RRB. Employers can use either the manual version of the form or its internet equivalent. One response is requested quarterly of each respondent and completion is mandatory. The RRB proposes the following changes to the manual and electronic versions of Form DC-1: <bullet> Top of page: Changed "Employer Number" to "Employer BA Number". <bullet> Top of page: Changed "Calendar Year and Quarter" to "Reporting Period (Calendar Year and Quarter)". <bullet> Field 1: Changed "Current Reporting Period" to "Reporting Period Compensation". <bullet> Field 2: Changed "Compensation Adjustments reported on Form BA-4" to "Compensation Adjustments--Prior Year Compensation Adjustments Reported on Form(s) BA-4 in the Reporting Period". <bullet> Field 3: Changed "Total" to "Total Reporting Period Compensation". <bullet> Field 4: Changed "Total" to "Total Compensation and Corrections". <bullet> Form instruction: Updated the Paperwork Reduction Act section and instructions to match field name changes to the form.
Learn More📊Proposed Changes to TSP Loan Reamortization Procedures
The Federal Retirement Thrift Investment Board (FRTIB) proposes to amend a loan reamorization rule that requires payment of all accrued interest prior to allowing payments on the principal and current interest. Under the proposed rule, the Thrift Savings Plan (TSP) record keeper would combine the accrued interest with the outstanding principal when reamortizing a loan.
Learn More💰Final Rule on Late Contributions
The Federal Retirement Thrift Investment Board (FRTIB) adopts as final, without changes, the proposed rule permitting the TSP record keeper to calculate gains and losses on late contributions, makeup contributions, loan payments even when the total amount on a late payment record or total agency contributions on a current payment record is less than $1.00.
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