Federal Register / Vol. 88, No. 203 / Monday, October 23, 2023 / Notices 72803 

Cephas Capital Partners II, L.P., said 

license is hereby declared null and void. 

Bailey Devries, 

Associate Administrator, Office of Investment 

and Innovation, United States Small Business 

Administration. 

[FR Doc. 2023–23347 Filed 10–20–23; 8:45 am] 

BILLING CODE 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2023–0034] 

Cost-of-Living Increase and Other 

Determinations for 2024 

AGENCY: Social Security Administration. 

ACTION: Notice. 

SUMMARY: Under title II of the Social 

Security Act (Act), there will be a 3.2 

percent cost-of-living increase in Social 

Security benefits effective December 

2023. In addition, the national average 

wage index for 2022 is $63,795.13. The 

cost-of-living increase and national 

average wage index affect other program 

parameters as described below. 

FOR FURTHER INFORMATION CONTACT: 

Kathleen K. Sutton, Office of the Chief 

Actuary, Social Security 

Administration, 6401 Security 

Boulevard, Baltimore, MD 21235, (410) 

965–3000. Information relating to this 

announcement is available at 

www.ssa.gov/oact/cola/index.html. For 

information on eligibility or claiming 

benefits, call 1–800–772–1213 (TTY 1– 

800–325–0778) or visit www.ssa.gov. 

SUPPLEMENTARY INFORMATION: Because of 

the 3.2 percent cost-of-living increase, 

the following items will increase for 

2024: 

(1) The maximum Federal 

Supplemental Security Income (SSI) 

monthly payment amounts for 2024 

under title XVI of the Act will be $943 

for an eligible individual; $1,415 for an 

eligible individual with an eligible 

spouse; and $472 for an essential 

person. 

(2) The special benefit amount under 

title VIII of the Act for certain World 

War II (WWII) veterans will be $707.25 

for 2024. 

(3) The student earned income 

exclusion under title XVI of the Act will 

be $2,290 per month in 2024, but not 

more than $9,230 for all of 2024. 

(4) The dollar fee limit for services 

performed as a representative payee will 

be $54 per month ($100 per month in 

the case of a beneficiary who is 

determined to be disabled, has an 

alcoholism or drug addiction condition, 

and is incapable of managing benefits) 

in 2024. 

(5) The assessment (or ‘‘user fee’’) 

dollar limit on the administrative cost 

charged when the agency pays 

authorized representative fees directly 

out of a claimant’s past due benefits will 

be $117, beginning in December 2023. 

The national average wage index for 

2022 is $63,795.13. This index affects 

the following amounts: 

(1) The Old-Age, Survivors, and 

Disability Insurance (OASDI) 

contribution and benefit base will be 

$168,600 for remuneration paid in 2024 

and self-employment income earned in 

tax years beginning in 2024. 

(2) The monthly exempt amounts 

under the OASDI retirement earnings 

test for tax years ending in calendar year 

2024 will be $1,860 for beneficiaries 

who will attain their Normal Retirement 

Age (NRA) (defined in the Retirement 

Earnings Test Exempt Amounts section 

below) after 2024 and $4,960 for those 

who attain NRA in 2024. 

(3) The dollar amounts (bend points) 

used in the primary insurance amount 

(PIA) formula for workers who become 

eligible for benefits or who die before 

becoming eligible, in 2024, will be 

$1,174 and $7,078. 

(4) The bend points used in the 

formula for computing maximum family 

benefits for workers who become 

eligible for retirement benefits, or who 

die before becoming eligible, in 2024, 

will be $1,500, $2,166, and $2,825. 

(5) The taxable earnings a person 

must have in 2024 to be credited with 

a quarter of coverage will be $1,730. 

(6) The ‘‘old-law’’ contribution and 

benefit base under title II of the Act will 

be $125,100 for 2024. 

(7) The monthly amount of earnings 

deemed to constitute substantial gainful 

activity (SGA) for statutorily blind 

people in 2024 will be $2,590. The 

corresponding amount of earnings for 

non-blind people with a determined 

disability will be $1,550. 

(8) The earnings threshold 

establishing a month as a part of a trial 

work period will be $1,110 for 2024. 

(9) Coverage thresholds for 2024 will 

be $2,700 for domestic workers and 

$2,300 for election officials and election 

workers. 

According to section 215(i)(2)(D) of 

the Act, we must publish the benefit 

increase percentage and the revised 

table of ‘‘special minimum’’ benefits 

within 45 days after the close of the 

third calendar quarter of 2023. 

We must also publish the following 

by November 1: the national average 

wage index for 2022 (215(a)(1)(D)), the 

OASDI fund ratio for 2023 (section 

215(i)(2)(C)(ii)), the OASDI contribution 

and benefit base for 2024 (section 

230(a)), the earnings required to be 

credited with a quarter of coverage in 

2024 (section 213(d)(2)), the monthly 

exempt amounts under the Social 

Security retirement earnings test for 

2024 (section 203(f)(8)(A)), the formula 

for computing a PIA for workers who 

first become eligible for benefits or die 

in 2024 (section 215(a)(1)(D)), and the 

formula for computing the maximum 

benefits payable to the family of a 

worker who first becomes eligible for 

old-age benefits or dies in 2024 (section 

203(a)(2)(C)). 

Cost-of-Living Increases 

General 

The cost-of-living increase is 3.2 

percent for monthly benefits under title 

II and for monthly payments under title 

XVI of the Act. Under title II, OASDI 

monthly benefits will increase by 3.2 

percent for individuals eligible for 

December 2023 benefits, payable in 

January 2024 and thereafter. We base 

this increase on the authority contained 

in section 215(i) of the Act. 

Pursuant to section 1617 of the Act, 

Federal SSI benefit rates will also 

increase by 3.2 percent effective for 

payments made for January 2024 but 

paid on December 29, 2023. 

Computation 

Computation of the cost-of-living 

increase is based on an increase in a 

Consumer Price Index (CPI) produced 

by the Bureau of Labor Statistics. At the 

time the Act was amended to provide 

automatic cost-of-living increases 

starting in 1975, only one CPI existed, 

namely the index now referred to as CPI 

for Urban Wage Earners and Clerical 

Workers (CPI–W). Although the Bureau 

of Labor Statistics has since developed 

other CPIs, we follow precedent by 

continuing to use the CPI–W. We refer 

to this index in the following 

paragraphs as the CPI. 

Section 215(i)(1)(B) of the Act defines 

a ‘‘computation quarter’’ to be a third 

calendar quarter in which the average 

CPI exceeded the average CPI in the 

previous computation quarter. The last 

cost-of-living increase, effective for 

those eligible to receive title II benefits 

for December 2022, was based on the 

CPI increase from the third quarter of 

2021 to the third quarter of 2022. 

Therefore, the last computation quarter 

is the third quarter of 2022. The law 

states that a cost-of-living increase for 

benefits is determined based on the 

percentage increase, if any, in the CPI 

from the last computation quarter to the 

third quarter of the current year. 

Therefore, we compute the increase in 

the CPI from the third quarter of 2022 

to the third quarter of 2023. 


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Section 215(i)(1) of the Act states that 

the CPI for a cost-of-living computation 

quarter is the arithmetic mean of this 

index for the 3 months in that quarter. 

In accordance with 20 CFR 404.275, we 

round the arithmetic mean, if necessary, 

to the nearest 0.001. The CPI for each 

month in the quarter ending September 

30, 2022, the last computation quarter, 

is: for July 2022, 292.219; for August 

2022, 291.629; and for September 2022, 

291.854. The arithmetic mean for the 

calendar quarter ending September 30, 

2022, is 291.901. The CPI for each 

month in the quarter ending September 

30, 2023, is: for July 2023, 299.899; for 

August 2023, 301.551; and for 

September 2023, 302.257. The 

arithmetic mean for the calendar quarter 

ending September 30, 2023, is 301.236. 

The CPI for the calendar quarter ending 

September 30, 2023, exceeds that for the 

calendar quarter ending September 30, 

2022, by 3.2 percent (rounded to the 

nearest 0.1). Therefore, beginning 

December 2023, a cost-of-living benefit 

increase of 3.2 percent is effective for 

benefits under title II of the Act. 

Section 215(i) also specifies that a 

benefit increase under title II, effective 

for December of any year, will be 

limited to the increase in the national 

average wage index for the prior year if 

the OASDI fund ratio for that year is 

below 20.0 percent. The OASDI fund 

ratio for a year is the ratio of the 

combined asset reserves of the OASI 

and DI Trust Funds at the beginning of 

that year to the combined cost of the 

programs during that year. For 2023, the 

OASDI fund ratio is reserves of 

$2,829,887 million divided by estimated 

cost of $1,389,484 million, or 203.7 

percent. Because the 203.7 percent 

OASDI fund ratio exceeds 20.0 percent, 

the benefit increase for December 2023 

is not limited to the increase in the 

national average wage index. 

Program Amounts That Change Based 

on the Cost-of-Living Increase 

The following program amounts 

change based on the cost-of-living 

increase: (1) title II benefits; (2) title XVI 

payments; (3) title VIII benefits; (4) the 

student earned income exclusion; (5) 

the fee for services performed by a 

representative payee; and (6) the 

appointed representative fee 

assessment. 

Title II Benefit Amounts 

In accordance with section 215(i) of 

the Act, for workers and family 

members for whom eligibility for 

benefits (that is, the worker’s attainment 

of age 62, or disability or death before 

age 62) occurred before 2024, benefits 

will increase by 3.2 percent beginning 

with benefits for December 2023, which 

are payable in January 2024. For those 

first eligible after 2023, the 3.2 percent 

increase will not apply. 

For eligibility after 1978, we 

determine benefits using a formula 

provided by the Social Security 

Amendments of 1977 (Pub. L. 95–216), 

as described later in this notice. 

For eligibility before 1979, we 

determine benefits by using a benefit 

table. The table is available at 

www.ssa.gov/oact/ProgData/ 

tableForm.html or by writing to: Social 

Security Administration, Office of 

Public Inquiries and Communications 

Support, 1100 West High Rise, 6401 

Security Boulevard, Baltimore, MD 

21235. 

Section 215(i)(2)(D) of the Act 

requires that, when we determine an 

increase in Social Security benefits, we 

will publish in the Federal Register a 

revision of the range of the PIAs and 

maximum family benefits based on the 

dollar amount and other provisions 

described in section 215(a)(1)(C)(i). We 

refer to these benefits as ‘‘special 

minimum’’ benefits. These benefits are 

payable to certain individuals with long 

periods of low earnings. To qualify for 

these benefits, an individual must have 

at least 11 years of coverage. To earn a 

year of coverage for purposes of the 

special minimum benefit, a person must 

earn at least a certain proportion of the 

old-law contribution and benefit base 

(described later in this notice). For years 

before 1991, the proportion is 25 

percent; for years after 1990, it is 15 

percent. In accordance with section 

215(a)(1)(C)(i), the table below shows 

the revised range of PIAs and maximum 

family benefit amounts after the 3.2 

percent benefit increase. 

SPECIAL MINIMUM PIAS AND MAXIMUM

FAMILY BENEFITS PAYABLE FOR DECEMBER 2023 

Number of years of 

coverage PIA 

Maximum 

family 

benefit 

11 .............................. $50.90 $77.80 

12 .............................. 104.30 158.20 

13 .............................. 157.90 238.70 

14 .............................. 211.10 318.50 

15 .............................. 264.10 398.20 

16 .............................. 318.00 478.70 

17 .............................. 371.50 559.40 

18 .............................. 424.80 639.20 

19 .............................. 478.20 719.60 

20 .............................. 531.90 799.00 

21 .............................. 585.40 880.10 

22 .............................. 638.40 959.80 

23 .............................. 692.80 1,041.40 

24 .............................. 746.10 1,120.80 

25 .............................. 799.00 1,200.50 

26 .............................. 853.40 1,281.80 

27 .............................. 906.10 1,361.90 

SPECIAL MINIMUM PIAS AND MAXIMUM

FAMILY BENEFITS PAYABLE FOR DECEMBER 2023—Continued 

Number of years of 

coverage PIA 

Maximum 

family 

benefit 

28 .............................. 959.60 1,441.70 

29 .............................. 1,013.20 1,522.50 

30 .............................. 1,066.50 1,601.70 

Title XVI Payment Amounts 

In accordance with section 1617 of 

the Act, the Federal benefit rates used 

in computing Federal SSI payments for 

the aged, blind, and disabled will 

increase by 3.2 percent effective January 

2024. For 2023, we determined the 

monthly payment amounts to be—$914 

for an eligible individual, $1,371 for an 

eligible individual with an eligible 

spouse, and $458 for an essential 

person. These amounts were derived 

from yearly, unrounded Federal SSI 

payment amounts of $10,970.44, 

$16,453.84, and $5,497.80, respectively. 

For 2024, these yearly unrounded 

amounts increase by 3.2 percent to 

$11,321.49, $16,980.36, and $5,673.73, 

respectively. We must round each of 

these resulting amounts, when not a 

multiple of $12, to the next lower 

multiple of $12. Therefore, the annual 

amounts, effective for 2024, are $11,316, 

$16,980, and $5,664. Dividing the yearly 

amounts by 12 gives the respective 

monthly amounts for 2024—$943, 

$1,415, and $472. For an eligible 

individual with an eligible spouse, we 

equally divide the amount payable 

between the two spouses. 

Title VIII Benefit Amount 

Title VIII of the Act provides for 

special benefits to certain WWII 

veterans who reside outside the United 

States. Section 805 of the Act provides 

that ‘‘[t]he benefit under this title 

payable to a qualified individual for any 

month shall be in an amount equal to 

75 percent of the Federal benefit rate 

[the maximum amount for an eligible 

individual] under title XVI for the 

month, reduced by the amount of the 

qualified individual’s benefit income for 

the month.’’ Therefore, the maximum 

monthly benefit for 2024 under this 

provision is 75 percent of $943, or 

$707.25. 

Student Earned Income Exclusion 

Children who are blind or have a 

determined disability can have limited 

earnings that do not count against their 

SSI payments if they are students 

regularly attending school, college, 

university, or a course of vocational or 

technical training. The maximum 


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amount of such income that we may 

exclude in 2023 is $2,220 per month, 

but not more than $8,950 in all of 2023. 

These amounts increase based on a 

formula set forth in regulation 20 CFR 

416.1112. 

To compute each of the monthly and 

yearly maximum amounts for 2024, we 

increase the unrounded amount for 

2023 by the latest cost-of-living 

increase. If the calculated amount is not 

a multiple of $10, we round it to the 

nearest multiple of $10. The unrounded 

monthly amount for 2023 is $2,219.60. 

We increase this amount by 3.2 percent 

to $2,290.63, which we then round to 

$2,290. Similarly, we increase the 

unrounded yearly amount for 2023, 

$8,947.18, by 3.2 percent to $9,233.49 

and round this to $9,230. Therefore, the 

maximum amount of the income 

exclusion applicable to a student in 

2024 is $2,290 per month, but not more 

than $9,230 in all of 2024. 

Fee for Services Performed as a 

Representative Payee 

Sections 205(j)(4)(A)(i) and 

1631(a)(2)(D)(i) of the Act permit a 

qualified organization to collect a 

monthly fee from a beneficiary for 

expenses incurred in providing services 

as the beneficiary’s representative 

payee. In 2023, the fee is limited to the 

lesser of: (1) 10 percent of the monthly 

benefit involved; or (2) $52 each month 

($97 each month when the beneficiary 

is entitled to disability benefits, has an 

alcoholism or drug addiction condition, 

and is incapable of managing such 

benefits). The dollar fee limits are 

subject to increase by the cost-of-living 

increase, with the resulting amounts 

rounded to the nearest whole dollar 

amount. Therefore, we increase the 

current amounts by 3.2 percent to $54 

and $100 for 2024. 

Appointed Representative Fee 

Assessment 

Under sections 206(d) and 1631(d) of 

the Act, whenever the agency pays 

authorized representative fees directly 

out of a claimant’s past due benefits, we 

must impose an assessment (or ‘‘user 

fee’’) to cover administrative costs. The 

user fee applied is the lower amount of 

6.3 percent of the representative’s 

authorized fee or a dollar amount that 

is subject to the cost-of-living increase. 

We derive the dollar limit for December 

2023, by increasing the unrounded limit 

for December 2022, $113.62, by 3.2 

percent, which is $117.26. We then 

round $117.26 to the next lower 

multiple of $1. The dollar limit effective 

for December 2023 is, therefore, $117. 

National Average Wage Index for 2022 

Computation 

We determined the national average 

wage index for calendar year 2022. It is 

based on the 2021 national average wage 

index of $60,575.07, which was 

published in the Federal Register on 

October 24, 2022 (87 FR 64296), and on 

the percentage increase in average 

wages from 2021 to 2022, as measured 

by annual wage data. We tabulate the 

annual wage data, including 

contributions to deferred compensation 

plans, as required by section 209(k) of 

the Act. The average amounts of wages 

calculated from these data were 

$58,129.99 for 2021 and $61,220.07 for 

2022. To determine the national average 

wage index for 2022 at a level consistent 

with the national average wage indexing 

series for 1951 through 1977 (published 

December 29, 1978, at 43 FR 61016), we 

multiply the 2021 national average wage 

index of $60,575.07 by the percentage 

increase in average wages from 2021 to 

2022 (based on SSA-tabulated wage 

data) as follows. We round the result to 

the nearest cent. 

National Average Wage Index Amount 

Multiplying the national average wage 

index for 2021 ($60,575.07) by the ratio 

of the average wage for 2022 

($61,220.07) to that for 2021 

($58,129.99) produces the 2022 index, 

$63,795.13. The national average wage 

index for calendar year 2022 is about 

5.32 percent higher than the 2021 index. 

Program Amounts That Change Based 

on the National Average Wage Index 

Under the Act, the following amounts 

change with annual changes in the 

national average wage index: (1) the 

OASDI contribution and benefit base; 

(2) the exempt amounts under the 

retirement earnings test; (3) the dollar 

amounts, or bend points, in the PIA 

formula; (4) the bend points in the 

maximum family benefit formula; (5) 

the earnings required to credit a worker 

with a quarter of coverage; (6) the oldlaw contribution and benefit base (as 

determined under section 230 of the Act 

as in effect before the 1977 

amendments); (7) the substantial gainful 

activity (SGA) amount applicable to 

statutorily blind individuals; and (8) the 

coverage threshold for election officials 

and election workers. Additionally, 

under section 3121(x) of the Internal 

Revenue Code, the domestic employee 

coverage threshold is based on changes 

in the national average wage index. 

Two amounts also increase under 

regulatory requirements—the SGA 

amount applicable to non-blind 

individuals with a determined 

disability, and the monthly earnings 

threshold that establishes a month as 

part of a trial work period for 

beneficiaries with a determined 

disability. 

OASDI Contribution and Benefit Base 

General 

The OASDI contribution and benefit 

base is $168,600 for remuneration paid 

in 2024 and self-employment income 

earned in tax years beginning in 2024. 

The OASDI contribution and benefit 

base serves as the maximum annual 

earnings on which OASDI taxes are 

paid. It is also the maximum annual 

earnings used in determining a person’s 

OASDI benefits. 

Computation 

Section 230(b) of the Act provides the 

formula used to determine the OASDI 

contribution and benefit base. Under the 

formula, the base for 2024 is the larger 

of: (1) the 1994 base of $60,600 

multiplied by the ratio of the national 

average wage index for 2022 to that for 

1992; or (2) the current base ($160,200). 

If the resulting amount is not a multiple 

of $300, we round it to the nearest 

multiple of $300. 

OASDI Contribution and Benefit Base 

Amount 

Multiplying the 1994 OASDI 

contribution and benefit base ($60,600) 

by the ratio of the national average wage 

index for 2022 ($63,795.13 as 

determined above) to that for 1992 

($22,935.42) produces $168,559.59. We 

round this amount to $168,600. Because 

$168,600 exceeds the current base 

amount of $160,200, the OASDI 

contribution and benefit base is 

$168,600 for 2024. 

Retirement Earnings Test Exempt 

Amounts 

General 

We withhold Social Security benefits 

when a beneficiary under the NRA has 

earnings more than the applicable 

retirement earnings test exempt amount. 

The NRA is the age when retirement 

benefits (before rounding) are equal to 

the PIA. The NRA is age 66 for those 

born in 1943–54. It gradually increases 

to age 67 for those born in 1960 or later. 

A higher exempt amount applies in the 

year in which a person attains NRA, but 

only for earnings in months before such 

attainment. A lower exempt amount 

applies at all other ages below NRA. 

Section 203(f)(8)(B) of the Act provides 

formulas for determining the monthly 

exempt amounts. The annual exempt 

amounts are exactly 12 times the 

monthly amounts. 


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For beneficiaries who attain NRA in 

the year, we withhold $1 in benefits for 

every $3 of earnings over the annual 

exempt amount for months before NRA. 

For all other beneficiaries under NRA, 

we withhold $1 in benefits for every $2 

of earnings over the annual exempt 

amount. 

Computation 

Under the formula that applies to 

beneficiaries attaining NRA after 2024, 

the lower monthly exempt amount for 

2024 is the larger of: (1) the 1994 

monthly exempt amount multiplied by 

the ratio of the national average wage 

index for 2022 to that for 1992; or (2) the 

2023 monthly exempt amount ($1,770). 

If the resulting amount is not a multiple 

of $10, we round it to the nearest 

multiple of $10. 

Under the formula that applies to 

beneficiaries attaining NRA in 2024, the 

higher monthly exempt amount for 2024 

is the larger of: (1) the 2002 monthly 

exempt amount multiplied by the ratio 

of the national average wage index for 

2022 to that for 2000; or (2) the 2023 

monthly exempt amount ($4,710). If the 

resulting amount is not a multiple of 

$10, we round it to the nearest multiple 

of $10. 

Lower Exempt Amount 

Multiplying the 1994 retirement 

earnings test monthly exempt amount of 

$670 by the ratio of the national average 

wage index for 2022 ($63,795.13) to that 

for 1992 ($22,935.42) produces 

$1,863.61. We round this to $1,860. 

Because $1,860 exceeds the current 

exempt amount of $1,770, the lower 

retirement earnings test monthly exempt 

amount is $1,860 for 2024. The lower 

annual exempt amount is $22,320 under 

the retirement earnings test. 

Higher Exempt Amount 

Multiplying the 2002 retirement 

earnings test monthly exempt amount of 

$2,500 by the ratio of the national 

average wage index for 2022 

($63,795.13) to that for 2000 

($32,154.82) produces $4,960.00. We 

round this to $4,960. Because $4,960 

exceeds the current exempt amount of 

$4,710, the higher retirement earnings 

test monthly exempt amount is $4,960 

for 2024. The higher annual exempt 

amount is $59,520 under the retirement 

earnings test. 

Primary Insurance Amount Formula 

General 

The Social Security Amendments of 

1977 provided a method for computing 

benefits that generally applies when a 

worker first becomes eligible for benefits 

after 1978. This method uses the 

worker’s average indexed monthly 

earnings (AIME) to compute the PIA. 

We adjust the formula each year to 

reflect changes in general wage levels, 

as measured by the national average 

wage index. 

We also adjust, or index, a worker’s 

earnings to reflect the change in the 

general wage levels that occurred during 

the worker’s years of employment. Such 

indexing ensures that a worker’s future 

benefit level will reflect the general rise 

in the standard of living that will occur 

during their working lifetime. To 

compute the AIME, we first determine 

the required number of years of 

earnings. We then select the number of 

years with the highest indexed earnings, 

add the indexed earnings for those 

years, and divide the total amount by 

the total number of months in those 

years. We then round the resulting 

average amount down to the next lower 

dollar amount. The result is the AIME. 

Computing the PIA 

The PIA is the sum of three separate 

percentages of portions of the AIME. In 

1979 (the first year the formula was in 

effect), these portions were the first 

$180, the amount between $180 and 

$1,085, and the amount above $1,085. 

We call the dollar amounts in the 

formula governing the portions of the 

AIME the bend points of the formula. 

Therefore, the bend points for 1979 

were $180 and $1,085. 

To obtain the bend points for 2024, 

we multiply each of the 1979 bendpoint amounts by the ratio of the 

national average wage index for 2022 to 

that average for 1977. We then round 

these results to the nearest dollar. 

Multiplying the 1979 amounts of $180 

and $1,085 by the ratio of the national 

average wage index for 2022 

($63,795.13) to that for 1977 ($9,779.44) 

produces the amounts of $1,174.21 and 

$7,077.88. We round these to $1,174 

and $7,078. Therefore, the portions of 

the AIME to be used in 2024 are the first 

$1,174, the amount between $1,174 and 

$7,078, and the amount above $7,078. 

Therefore, for individuals who first 

become eligible for old-age insurance 

benefits or disability insurance benefits 

in 2024, or who die in 2024 before 

becoming eligible for benefits, their PIA 

will be the sum of: 

(a) 90 percent of the first $1,174 of 

their AIME, plus (b) 32 percent of their 

AIME between $1,174 and $7,078, plus 

(c) 15 percent of their AIME above 

$7,078. 

We round this amount to the next 

lower multiple of $0.10 if it is not 

already a multiple of $0.10. This 

formula and the rounding adjustment 

are stated in section 215(a) of the Act. 

Maximum Benefits Payable to a Family 

General 

The 1977 amendments continued the 

policy of limiting the total monthly 

benefits that a worker’s family may 

receive based on the worker’s PIA. 

Those amendments also continued the 

relationship between maximum family 

benefits and PIAs but changed the 

method of computing the maximum 

benefits that may be paid to a worker’s 

family. The Social Security Disability 

Amendments of 1980 (Pub. L. 96–265) 

established a formula for computing the 

maximum benefits payable to the family 

of a worker with a determined 

disability. This formula applies to the 

family benefits of workers who first 

become entitled to disability insurance 

benefits after June 30, 1980, and who 

first become eligible for these benefits 

after 1978. For workers with determined 

disabilities who are initially entitled to 

disability benefits before July 1980 or 

whose disability began before 1979, we 

compute the family maximum payable 

the same as the old-age and survivor 

family maximum. 

Computing the Old-Age and Survivor 

Family Maximum 

The formula used to compute the 

family maximum is similar to that used 

to compute the PIA. It involves 

computing the sum of four separate 

percentages of portions of the worker’s 

PIA. In 1979, these portions were the 

first $230, the amount between $230 

and $332, the amount between $332 and 

$433, and the amount above $433. We 

refer to such dollar amounts in the 

formula as the bend points of the 

family-maximum formula. 

To obtain the bend points for 2024, 

we multiply each of the 1979 bendpoint amounts by the ratio of the 

national average wage index for 2022 to 

that average for 1977. Then we round 

this amount to the nearest dollar. 

Multiplying the amounts of $230, $332, 

and $433 by the ratio of the national 

average wage index for 2022 

($63,795.13) to that for 1977 ($9,779.44) 

produces the amounts of $1,500.38, 

$2,165.77, and $2,824.63. We round 

these amounts to $1,500, $2,166, and 

$2,825. Therefore, the portions of the 

PIAs to be used in 2024 are the first 

$1,500, the amount between $1,500 and 

$2,166, the amount between $2,166 and 

$2,825, and the amount above $2,825. 

So, for the family of a worker who 

becomes age 62 or dies in 2024 before 

age 62, we compute the total benefits 

payable to them so that it does not 

exceed: 

(a) 150 percent of the first $1,500 of 

the worker’s PIA, plus 


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(b) 272 percent of the worker’s PIA 

between $1,500 and $2,166, plus 

(c) 134 percent of the worker’s PIA 

between $2,166 and $2,825, plus 

(d) 175 percent of the worker’s PIA 

above $2,825. 

We then round this amount to the 

next lower multiple of $0.10 if it is not 

already a multiple of $0.10. This 

formula and the rounding adjustment 

are stated in section 203(a) of the Act. 

Quarter of Coverage Amount 

General 

The earnings required for a quarter of 

coverage in 2024 is $1,730. A quarter of 

coverage is the basic unit for 

determining if a worker is insured under 

the Social Security program. For years 

before 1978, we generally credited an 

individual with (1) a quarter of coverage 

for each quarter in which they were 

paid wages of $50 or more or (2) four 

quarters of coverage for every tax year 

in which they earned $400 or more of 

self-employment income. Beginning in 

1978, employers generally report wages 

annually instead of quarterly. With the 

change to yearly reporting, section 

352(b) of the Social Security 

Amendments of 1977 amended section 

213(d) of the Act to provide that a 

quarter of coverage would be credited 

for each $250 of an individual’s total 

wages and self-employment income for 

calendar year 1978 up to a maximum of 

four quarters of coverage for the year. 

The amendment also provided a 

formula for years after 1978. 

Computation 

Under the prescribed formula, the 

quarter of coverage amount for 2024 is 

the larger of: (1) the 1978 amount of 

$250 multiplied by the ratio of the 

national average wage index for 2022 to 

that for 1976; or (2) the current amount 

($1,640). Section 213(d) provides that if 

the resulting amount is not a multiple 

of $10, we round it to the nearest 

multiple of $10. 

Quarter of Coverage Amount 

Multiplying the 1978 quarter of 

coverage amount ($250) by the ratio of 

the national average wage index for 

2022 ($63,795.13) to that for 1976 

($9,226.48) produces $1,728.59. We 

then round this amount to $1,730. 

Because $1,730 exceeds the current 

amount of $1,640, the quarter of 

coverage amount is $1,730 for 2024. 

Old-Law Contribution and Benefit Base 

General 

The old-law contribution and benefit 

base for 2024 is $125,100. This base 

would have been effective under the Act 

without the enactment of the 1977 

amendments. 

The old-law contribution and benefit 

base is used by: 

(a) the Railroad Retirement program to 

determine certain tax liabilities and tier 

II benefits payable under that program 

to supplement the tier I payments that 

correspond to basic Social Security 

benefits, 

(b) the Pension Benefit Guaranty 

Corporation to determine the maximum 

amount of pension guaranteed under the 

Employee Retirement Income Security 

Act (section 230(d) of the Act), 

(c) Social Security to determine a year 

of coverage in computing the special 

minimum benefit, as described earlier, 

and 

(d) Social Security to compute 

benefits for people who are also eligible 

and receiving pensions based on 

employment not covered under section 

210 of the Act. We credit a year of 

coverage, for this purpose only, for each 

year in which earnings equal or exceed 

25 percent of the old-law base. 

Computation 

The old-law contribution and benefit 

base is the larger of: (1) the 1994 old-law 

base ($45,000) multiplied by the ratio of 

the national average wage index for 

2022 to that for 1992; or (2) the current 

old-law base ($118,800). If the resulting 

amount is not a multiple of $300, we 

round it to the nearest multiple of $300. 

Old-Law Contribution and Benefit Base 

Amount 

Multiplying the 1994 old-law 

contribution and benefit base ($45,000) 

by the ratio of the national average wage 

index for 2022 ($63,795.13) to that for 

1992 ($22,935.42) produces 

$125,168.01. We round this amount to 

$125,100. Because $125,100 exceeds the 

current amount of $118,800, the old-law 

contribution and benefit base is 

$125,100 for 2024. 

Substantial Gainful Activity Amounts 

General 

A finding of disability under titles II 

and XVI of the Act requires that a 

person, except for a child with a 

disability determined under title XVI, be 

unable to engage in SGA. A person who 

is earning more than a certain monthly 

amount is ordinarily considered to be 

engaging in SGA. The monthly earnings 

considered as SGA depends on the 

nature of a person’s disability. Section 

223(d)(4)(A) of the Act specifies the 

formula for determining the SGA 

amount for statutorily blind individuals 

under title II while our regulations (20 

CFR 404.1574 and 416.974) specify the 

formula for determining the SGA 

amount for non-blind individuals with 

a determined disability. 

Computation 

The monthly SGA amount for 

statutorily blind individuals under title 

II for 2024 is the larger of: (1) the 

amount for 1994 multiplied by the ratio 

of the national average wage index for 

2022 to that for 1992; or (2) the amount 

for 2023. The monthly SGA amount for 

non-blind individuals with a 

determined disability for 2024 is the 

larger of: (1) the amount for 2000 

multiplied by the ratio of the national 

average wage index for 2022 to that for 

1998; or (2) the amount for 2023. In 

either case, if the resulting amount is 

not a multiple of $10, we round it to the 

nearest multiple of $10. 

SGA Amount for Statutorily Blind 

Individuals 

Multiplying the 1994 monthly SGA 

amount for statutorily blind individuals 

($930) by the ratio of the national 

average wage index for 2022 

($63,795.13) to that for 1992 

($22,935.42) produces $2,586.81. We 

then round this amount to $2,590. 

Because $2,590 exceeds the current 

amount of $2,460, the monthly SGA 

amount for statutorily blind individuals 

is $2,590 for 2024. 

SGA Amount for Non-Blind Individuals 

Who Have a Determined Disability 

Multiplying the 2000 monthly SGA 

amount for non-blind individuals with 

a determined disability ($700) by the 

ratio of the national average wage index 

for 2022 ($63,795.13) to that for 1998 

($28,861.44) produces $1,547.28. We 

then round this amount to $1,550. 

Because $1,550 exceeds the current 

amount of $1,470, the monthly SGA 

amount for non-blind individuals with 

a determined disability is $1,550 for 

2024. 

Trial Work Period Earnings Threshold 

General 

During a trial work period of 9 

months in a rolling 60-month period, a 

beneficiary receiving Social Security 

disability benefits may test their ability 

to work and still receive monthly 

benefit payments. To be considered a 

trial work period month, earnings must 

be over a certain level. In 2024, any 

month in which earnings exceed $1,110 

is considered a month of services for an 

individual’s trial work period. 

Computation 

The method used to determine the 

new amount is set forth in our 

regulations at 20 CFR 404.1592(b). 


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72808 Federal Register / Vol. 88, No. 203 / Monday, October 23, 2023 / Notices 

Monthly earnings in 2024, used to 

determine whether a month is part of a 

trial work period, is the larger of: (1) the 

amount for 2001 ($530) multiplied by 

the ratio of the national average wage 

index for 2022 to that for 1999; or (2) the 

amount for 2023. If the resulting amount 

is not a multiple of $10, we round it to 

the nearest multiple of $10. 

Trial Work Period Earnings Threshold 

Amount 

Multiplying the 2001 monthly 

earnings threshold ($530) by the ratio of 

the national average wage index for 

2022 ($63,795.13) to that for 1999 

($30,469.84) produces $1,109.67. We 

then round this amount to $1,110. 

Because $1,110 exceeds the current 

amount of $1,050, the monthly earnings 

threshold is $1,110 for 2024. 

Domestic Employee Coverage 

Threshold 

General 

The minimum amount a domestic 

worker must earn so that such earnings 

are covered under Social Security or 

Medicare is the domestic employee 

coverage threshold. For 2024, this 

threshold is $2,700. Section 3121(x) of 

the Internal Revenue Code provides the 

formula for increasing the threshold. 

Computation 

Under the formula, the domestic 

employee coverage threshold for 2024 is 

equal to the 1995 amount of $1,000 

multiplied by the ratio of the national 

average wage index for 2022 to that for 

1993. If the resulting amount is not a 

multiple of $100, we round it to the next 

lower multiple of $100. 

Domestic Employee Coverage Threshold 

Amount 

Multiplying the 1995 domestic 

employee coverage threshold ($1,000) 

by the ratio of the national average wage 

index for 2022 ($63,795.13) to that for 

1993 ($23,132.67) produces $2,757.79. 

We then round this amount to $2,700. 

Therefore, the domestic employee 

coverage threshold amount is $2,700 for 

2024. 

Election Official and Election Worker 

Coverage Threshold 

General 

The minimum amount an election 

official and election worker must earn 

so the earnings are covered under Social 

Security or Medicare is the election 

official and election worker coverage 

threshold. For 2024, this threshold is 

$2,300. Section 218(c)(8)(B) of the Act 

provides the formula for increasing the 

threshold. 

Computation 

Under the formula, the election 

official and election worker coverage 

threshold for 2024 is equal to the 1999 

amount of $1,000 multiplied by the ratio 

of the national average wage index for 

2022 to that for 1997. If the amount we 

determine is not a multiple of $100, we 

round it to the nearest multiple of $100. 

Election Official and Election Worker 

Coverage Threshold Amount 

Multiplying the 1999 coverage 

threshold amount ($1,000) by the ratio 

of the national average wage index for 

2022 ($63,795.13) to that for 1997 

($27,426.00) produces $2,326.08. We 

then round this amount to $2,300. 

Therefore, the election official and 

election worker coverage threshold 

amount is $2,300 for 2024. 

(Catalog of Federal Domestic Assistance: 

Program Nos. 96.001 Social SecurityDisability Insurance; 96.002 Social SecurityRetirement Insurance; 96.004 Social SecuritySurvivors Insurance; 96.006 Supplemental 

Security Income) 

The Acting Commissioner of the 

Social Security Administration, Kilolo 

Kijakazi, Ph.D., M.S.W., having 

reviewed and approved this document, 

is delegating the authority to 

electronically sign this document to 

Faye I. Lipsky, who is a Federal Register 

Liaison for SSA, for purposes of 

publication in the Federal Register. 

Faye I. Lipsky, 

Federal Register Liaison, Office of Legislation 

and Congressional Affairs, Social Security 

Administration. 

[FR Doc. 2023–23317 Filed 10–20–23; 8:45 am] 

BILLING CODE 4191–02–P 

DEPARTMENT OF TRANSPORTATION 

Maritime Administration 

U.S. Merchant Marine Academy 

Advisory Council; Public Meeting 

AGENCY: Maritime Administration, DOT. 

ACTION: Notice of public meeting. 

SUMMARY: The U.S. Department of 

Transportation, Maritime 

Administration (MARAD) announces a 

public meeting of the U.S. Merchant 

Marine Academy (USMMA) Advisory 

Council (Council). 

DATES: The public meeting will be held 

on Thursday, November 16, 2023, from 

9 a.m. until 12 p.m. Requests to attend 

the meeting must be received no later 

than 5 p.m. EDT on Wednesday, 

November 8, 2023, to facilitate entry. 

Requests to submit written materials to 

be reviewed during the meeting must be 

received no later than November 3, 

2023. Requests for accommodations for 

a disability must be received by 

November 10, 2023. 

ADDRESSES: The public meeting will be 

held in-person at the USMMA. Meeting 

access information will be available no 

later than November 13, 2023. 

Information on who the Council 

members are can be found in MARAD’s 

press release: https://

www.maritime.dot.gov/newsroom/ 

secretary-buttigieg-appoints-membersus-merchant-marine-academy-advisorycouncil. 

FOR FURTHER INFORMATION CONTACT: The 

Council’s Designated Federal Officer 

and Point of Contact, Will Sheehan, 

202–366–4105 or 

USMMAAdvisoryCouncil@dot.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Council is established pursuant 

to 46 U.S.C. 51323. The Council 

operates in accordance with the 

provisions of the Federal Advisory 

Committee Act (FACA), as amended, 5 

U.S.C. app. 2. 

The objective and scope of the 

Council is to provide independent 

advice and recommendations to the 

Secretary of Transportation (Secretary) 

on matters relating to the USMMA 

including in the areas of curriculum 

development and training programs; 

diversity, equity, and inclusion; sexual 

assault prevention and response; 

infrastructure maintenance and 

redevelopment; midshipmen health and 

welfare; governance and administrative 

policies; and other matters. 

II. Agenda 

The agenda will be as follows: 

1. Welcome, opening remarks, and 

introductions 

2. Academy updates 

3. Public comment 

4. Administrative items 

III. Public Participation 

This meeting is open to the public 

and will be held in-person at the 

USMMA. MARAD is committed to 

providing equal access to this meeting 

for all participants. If you need 

alternative formats or services because 

of a disability, such as sign language, 

interpretation, or other ancillary aids, 

please contact the person listed in the 

FOR FURTHER INFORMATION CONTACT

section. Seating will be limited and 

available on a first come first serve 

basis. 

Any member of the public is 

permitted to file a written statement 

with the Council. Written statements 


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