Effective Dates: 11/14/2023 - Present

Identification Number:
RS 00605 TN 98
Intended Audience:See Transmittal Sheet
Originating Office:ORDP OISP
Title:Initial Computation of the PIA - Recomputations and Recalculations
Type:POMS Full Transmittals
Program:All Programs
Link To Reference:
 

PROGRAM OPERATIONS MANUAL SYSTEM

Part RS – Retirement and Survivors Insurance

Chapter 006 – Determination of PIAs and Benefit Amounts

Subchapter 05 – Initial Computation of the PIA - Recomputations and Recalculations

Transmittal No. 98, 11/14/2023

Audience

PSC: BA, CA, CCRE, CS, DE, DS, DT, IES, PETE, RECONR, RECOVR, SCPS, TSA, TST;
OCO-OEIO: BIES, BTE, CR, CTE, FCR, PETL, RECONR;
OCO-ODO: BTE, CR, CST, CTE, CTE TE, PETE, PETL;
FO/TSC: CS, CS TII, CSR, CTE, DRT, DT, FR, OA, OS, RR, TA, TSC-CSR;

Originating Component

OISP

Effective Date

Upon Receipt

Background

This transmittal does not change or introduce new policy or procedure. It merely provides updated indexing factors for individuals who become eligible for benefits beginning in 2024.

Summary of Changes

RS 00605.949 Indexing Factors for 2024 Eligibility

We input a chart in this POMS section that provides indexing factors for individuals who become eligible for benefits beginning in 2024.

RS 00605.949 Indexing Factors for 2024 Eligibility

Use the chart in this section to manually index earnings of any wage earner who is initially eligible in the year 2024.

Year Maximum Earnings Average Earnings Actual Earnings X Indexing Factor = Indexed Earnings
1963 $4,800 $4,396.64 ​ ​ 14.5099735 ​ ​
1964 $4,800 $4,576.32 ​ ​ 13.9402686 ​ ​
1965 $4,800 $4,658.72 ​ ​ 13.6937034 ​ ​
1966 $6,600 $4,938.36 ​ ​ 12.9182826 ​ ​
1967 $6,600 $5,213.44 ​ ​ 12.2366672 ​ ​
1968 $7,800 $5,571.76 ​ ​ 11.4497268 ​ ​
1969 $7,800 $5,893.76 ​ ​ 10.8241818 ​ ​
1970 $7,800 $6,186.24 ​ ​ 10.3124240 ​ ​
1971 $7,800 $6,497.08 ​ ​ 9.8190464 ​ ​
1972 $9,000 $7,133.80 ​ ​ 8.9426575 ​ ​
1973 $10,800 $7,580.16 ​ ​ 8.4160664 ​ ​
1974 $13,200 $8,030.76 ​ ​ 7.9438472 ​ ​
1975 $14,100 $8,630.92 ​ ​ 7.3914635 ​ ​
1976 $15,300 $9,226.48 ​ ​ 6.9143520 ​ ​
1977 $16,500 $9,779.44 ​ ​ 6.5233930 ​ ​
1978 $17,700 $10,556.03 ​ ​ 6.0434775 ​ ​
1979 $22,900 $11,479.46 ​ ​ 5.5573285 ​ ​
1980 $25,900 $12,513.46 ​ ​ 5.0981207 ​ ​
1981 $29,700 $13,773.10 ​ ​ 4.6318643 ​ ​
1982 $32,400 $14,531.34 ​ ​ 4.3901753 ​ ​
1983 $35,700 $15,239.24 ​ ​ 4.1862409 ​ ​
1984 $37,800 $16,135.07 ​ ​ 3.9538180 ​ ​
1985 $39,600 $16,822.51 ​ ​ 3.7922480 ​ ​
1986 $42,000 $17,321.82 ​ ​ 3.6829346 ​ ​
1987 $43,800 $18,426.51 ​ ​ 3.4621385 ​ ​
1988 $45,000 $19,334.04 ​ ​ 3.2996275 ​ ​
1989 $48,000 $20,099.55 ​ ​ 3.1739581 ​ ​
1990 $51,300 $21,027.98 ​ ​ 3.0338211 ​ ​
1991 $53,400 $21,811.60 ​ ​ 2.9248258 ​ ​
1992 $55,500 $22,935.42 ​ ​ 2.7815113 ​ ​
1993 $57,600 $23,132.67 ​ ​ 2.7577936 ​ ​
1994 $60,600 $23,753.53 ​ ​ 2.6857116 ​ ​
1995 $61,200 $24,705.66 ​ ​ 2.5822071 ​ ​
1996 $62,700 $25,913.90 ​ ​ 2.4618112 ​ ​
1997 $65,400 $27,426.00 ​ ​ 2.3260822 ​ ​
1998 $68,400 $28,861.44 ​ ​ 2.2103932 ​ ​
1999 $72,600 $30,469.84 ​ ​ 2.0937140 ​ ​
2000 $76,200 $32,154.82 ​ ​ 1.9839990 ​ ​
2001 $80,400 $32,921.92 ​ ​ 1.9377706 ​ ​
2002 $84,900 $33,252.09 ​ ​ 1.9185299 ​ ​
2003 $87,000 $34,064.95 ​ ​ 1.8727498 ​ ​
2004 $87,900 $35,648.55 ​ ​ 1.7895575 ​ ​
2005 $90,000 $36,952.94 ​ ​ 1.7263885 ​ ​
2006 $94,200 $38,651.41 ​ ​ 1.6505253 ​ ​
2007 $97,500 $40,405.48 ​ ​ 1.5788732 ​ ​
2008 $102,000 $41,334.97 ​ ​ 1.5433695 ​ ​
2009 $106,800 $40,711.61 ​ ​ 1.5670009 ​ ​
2010 $106,800 $41,673.83 ​ ​ 1.5308199 ​ ​
2011 $106,800 $42,979.61 ​ ​ 1.4843115 ​ ​
2012 $110,100 $44,321,.67 ​ ​ 1.4393666 ​ ​
2013 $113,700 $44,888.16 ​ ​ 1.4212017 ​ ​
2014 $117,000 $46,481.52 ​ ​ 1.3724837 ​ ​
2015 $118,500 $48,098.63 ​ ​ 1.3263399 ​ ​
2016 $118,500 $48,642.15 ​ ​ 1.3115195 ​ ​
2017 $127,200 $50,321.89 ​ ​ 1.2677411 ​ ​
2018 $128,400 $52,145.80 ​ ​ 1.2233992 ​ ​
2019 $132,900 $54,099.99 ​ ​ 1.1792078 ​ ​
2020 $137,700 $55,628.60 ​ ​ 1.1468045 ​ ​
2021 $142,800 $60,575.07 ​ ​ 1.0531582
2022 $147,000 $63,795.13 ​ ​ 1.0000000 ​ ​
2023 $160,200 N/A ​ ​ 1.0000000 ​ ​
2024 $168,600 N/A ​ ​ 1.0000000 ​ ​

 

RS 00605 TN 98 - Initial Computation of the PIA - Recomputations and Recalculations - 11/14/2023