Q: I think I understand the special retirement supplement; I just would like to know how it is applied. Next year I plan on making about $26,000, which is well over the SRS limit. Will I have to pay all my SRS money back at the year or is my SRS just reduced the following year?
A: Your special retirement supplement will be suspended until the amount you were overpaid is recovered. That will happen sooner if you are receiving wages than if you are self employed. In the latter case, the overpayment won’t be discovered until you report your earnings to the Internal Revenue Service.
