Dormant Accounts
Dormant Accounts
It’s been awhile and we want to connect with you! PERA wants you to receive the benefit you’ve earned.
Do you have a dormant account with PERA?
If you received a letter from PERA stating you have a dormant account, we have identified you as being inactive from public employment, at or near full retirement age, and qualified for a lifetime monthly retirement benefit.
It is time for you to collect your benefit. You can choose between two options:
1. Lifetime monthly benefit: Your monthly pension is determined by a formula and is payable for life. You qualify for a lifetime benefit if you:
>>terminated Minnesota public employment for at least 30 days
>>are at least 55 years old (Coordinated members) or at least 50 years old (Police & Fire or Correctional members)
>>meet vesting requirements in your plan
2. Refund of Contributions: Instead of a monthly benefit, you might wish to receive a lump-sum payment of your member contributions plus interest. You qualify for a refund if you:
>>terminated Minnesota public employment for at least 30 days
Lifetime Monthly Benefit Application Process
1. Complete the Retirement Application.
>>If you terminated more than six months ago, you do not need to complete the Verification of Termination form.
2. Choose your tax withholding. If you do not want PERA to withhold the default rate, complete the separate tax form(s) to withhold a different amount:
>>Minnesota state W-4MNP tax form
>>Federal W-4P tax form
3. Provide proof of your date of birth and any name changes. If you elect a survivor option, we will also need the survivor’s identification documents.
Refund of Contributions Application Process
1. Complete the dormant account Refund Application. You can choose to have your refund:
>>paid directly to you, or as a
>>rollover to another tax-qualified plan.
In both cases, the check will be mailed to you.
2. Choose your tax withholding. If you do not want PERA to withhold the default rate, complete the separate tax form(s) to withhold a different amount:
>>Minnesota state W-4MNP tax form
>>Federal W-4R tax form