If you are missing service or salary during your career, you may qualify to purchase the credit. The purchase is optional, but could result in a larger benefit from PERA. Opportunities to purchase credit are provided below:
Repaying a PERA Refund
If you were previously a PERA member who left public service and received a refund, you have the option to repay the refund plus interest to restore service credit with PERA.
Leave Purchases
During your career, you may take a leave from your public position covered by PERA. Types of leaves include authorized leaves, workers’ compensation, military, or strikes.
Actuarial Purchase for Military Leaves
PERA members have the option to purchase service credit for one or more prior military leave periods that occurred (1) before becoming a public employee or (2) during public employment covered by a PERA pension plan and you missed the original purchase timeframe. Contact PERA for more information on this actuarial purchase option.
Purchase Cost
Repaying a Refund: The amount of your original refund plus interest.
Leave Purchase: Generally, the amount of your missing employee and employer contributions during the leave period, plus interest.
Actuarial Military Purchase: The cost is the actuarial present value of the increase to your future monthly benefit due to the service purchase.
Interest Rates
Interest is compounded based on rates specified in Minnesota statutes:
