Ask The Experts: Retirement

By Reg Jones

Earnings limit

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Q. I’m getting close to my FERS retirement, and I have a second job that I love. If I refuse my special retirement supplement from the Office of Personnel Management, will I still be financially penalized from my FERS retirement for making too much money from my second job? If so, how can I still continue to work without being penalized?

A. Your FERS retirement wouldn’t be penalized if you exceed the annual Social Security earnings limit. That limit only affects the special retirement supplement. If you exceed the limit, your SRS would be simply be reduced or suspended. Therefore, there’s no point in your asking OPM to not provide that benefit to you. In fact, I’m not sure that they could do that.

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