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.

 

Application for Refund     Refund & Taxes     MY PERA