Do you have unclaimed funds with PERA?

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Do you have unclaimed funds with PERA?

Looking for inactive, non-vested members

PERA is looking for inactive members who qualify for a refund of their contributions. Here’s why. Members who are inactive (not working for a PERA-covered employer) and not vested (who don’t have enough years of service to qualify for a monthly retirement benefit), but still have member contributions with PERA are eligible to receive a refund.

If these members do not take a refund, they will forfeit their contributions and interest.

Take the refund
PERA is sending letters to former PERA-covered employees who are inactive and not vested to encourage these members to apply for a refund. It’s simple to apply for a refund. Complete and return the Application for Refund to PERA.  (Leave Part A of the form blank.) For more information about the refund options available, refer to Refund & Taxes.

What the law says
State law (Minn. Statute 356.65) states that inactive, non-vested members can either apply for their refund within five years after their last member contribution was made or forfeit their member contributions and interest. If a member leaves their contributions in PERA, does not make any contributions for five years, and is not vested in the retirement plan, PERA will automatically consolidate their member contributions and interest to the PERA fund. The consolidated member contributions are automatically forfeited by the member, and can be restored if they return to PERA-covered employment or apply for a retirement benefit with another public pension plan.

If you meet these qualifications, you should apply for your refund:

  • Inactive (not working for a PERA-covered employer)
  • Non-vested (not enough service to qualify for a monthly retirement benefit)
  • Have not received a refund of your member contributions
  • Exceeded five years from last member contribution

Questions?
If you want to know more about your account, log on to MY PERA.

Forms & Publications

Application for Refund     Refund & Taxes     MY PERA

Frequently Asked Questions (FAQs)

Why did I get this letter?
Members who are inactive (not working for a PERA-covered employer) and not vested (who don’t have enough years of service to qualify for a monthly retirement benefit), but still have member contributions with PERA are eligible to receive a refund. State law (Minn. Statute 356.65) states that inactive, non-vested members can either apply for their refund within five years after their last member contribution was made or forfeit their member contributions and interest. If you received a letter and do not take a refund within the time provided in the letter, you will forfeit your contributions and interest.

How do I apply for my refund?
Complete the Application for Refund that was sent with your letter. If you do not have the application or have misplaced it you can print one here. Make sure to include your PERA ID # on the document if you print it from the website. The PERA ID # is on the upper right of your letter.

I plan to return to public service, should I take this refund?
Yes. Even if you return to public service, if you do not become vested then PERA isn’t required to reinstate your member contributions.

I plan to return to PERA covered service, should I take this refund?
Yes. If you choose to receive the refund, your member contributions and interest will be paid to you or rolled over. If you later return to PERA covered service, then you will have the opportunity to repay the refund you received after six months of service.

If you choose not to receive the refund, your member contributions and interest will be canceled and you have forfeited your member contributions and interest. However, if you return to PERA covered service, PERA will reinstate your forfeited amount.

My name is misspelled or no longer matches what PERA has on the refund application, what do I do?
For minor misspellings or maiden name changes, simply cross out, print your current name, and initial the change on the Application for Refund. If both your first and last name need to be changed, provide proof of identity documents along with the completed application.

I misplaced my letter, what do I do?
Complete the Application for Refund that was sent with your letter. If you also do not have the application you can print one here. Make sure to include your PERA ID # on the document if you print it from the website. If you do not know your PERA ID # contact one of our PERA Service Representatives at 651-296-7460 or toll free at 1-800-652-9026. They are able to mail you the original letter which would have your PERA ID # and an Application for Refund.

Why was my account canceled?
More than likely you neglected to provide PERA the Application for Refund within the 90 day due date.

How do I get my account reinstated?
Under Minn. Stat. § 356.65, subd. 2 member contributions can be restored if the abandoned funds exceeded $25 and the member is currently active in the applicable PERA plan or applying for a retirement annuity (including Combined Service Annuity (CSA)). All other members with canceled accounts would likely not be reinstated.