Q. I’m a FERS employee, air reserve technician. At the time of retirement, I will have 36 years. I will have reached my high year of tenure of 56, at which I’m forced to retire. I will receive my retirement pay, but I also understand that I will be authorized to apply for the special retirement supplement as long as I don’t get another federal job? Do I apply through the Office of Personnel Management? Where does this supplement come from? Will I be penalized for exceeding a certain income level? Will it reduce the amount I’m authorized when I do decide to pull Social Security if it’s there?
A. The special retirement supplement will automatically be added to your annuity. If you exceed the annual Social Security earnings limit, your SRS will be reduced by $2 for every $3 you earn above that limit. In 2013, the limit is $15,120.