Thursday, December 26, 2013

FRA adjusts accident/incident reporting threshold

The Federal Railroad Administration (FRA) published a Final Rule on Dec. 24, 2013, that increases the rail equipment accident/incident reporting threshold for 2014 from $9,900 to $10,500.

 

This action is taken every year to ensure the figures accurately reflect cost increases that have occurred within the industry. Following the adoption of this 2014 reporting threshold on January 1, 2014, FRA intends to evaluate and potentially amend, as appropriate, its method for calculating the monetary threshold for accident/incident reporting in the future and, as a result, the formula utilized to calculate the threshold may change.

FRA has periodically amended this method as Congress requires that the threshold be based on publicly available information obtained from the Bureau of Labor Statistics (BLS) and or other objective government sources.

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