2025 Retiree and Benefit Recipient Information

December 20, 2024

As we prepare for 2025, here are a few important reminders for members and survivors receiving PERA benefits:

WHEN WILL I RECEIVE MY JANUARY PAYMENT?

January 2025 payments will be paid on the first banking day of the month: Thursday, January 2, 2025.

You are now able to view your January payment in your myPERA account.

ANNUAL INCREASE

Annual increases for monthly benefits are determined by Minnesota Statutes. If you’re eligible, your increase will be included in your January 2025 payment.

>>Coordinated, Basic, MERF: 1.25%

>>Police & Fire: 1.0%

>>Correctional: 2.5%

>>New to receiving PERA benefits? You may or may not be eligible for an increase on January 1, 2025. Your first increase might be less than the full increase, depending on the type of benefit you are receiving, the plan, and your benefit effective date.

Learn more at mnpera.org/retirees/annual-increase.

1099-R TAX FORM

Your electronic 1099-R tax form for calendar year 2024 will be available in your myPERA account by January 2 and a printed copy will be mailed to you by the end of January. Learn more about 1099-Rs on our website at mnpera.org/tax-withholding-1099s.

INCOME VERIFICATION

Income verification reports, also known as pension award letters, are now available to reflect your 2025 pension benefit information. You may access your report on-demand in your myPERA account.

WORKING AFTER RETIREMENT

If you return to a PERA-covered position after collecting your benefit but are under your full Social Security Administration (SSA) retirement age, your benefit may be reduced or possibly suspended if you exceed the earnings limits.

2025 Earnings Limits are:

>>$23,400 if you are younger than your full SSA retirement age

>>$62,160 if you will reach your full SSA retirement age in 2025

>>No limit on or after you reach your full SSA retirement age

Learn more about the limits at mnpera.org/retirees/working-after-retirement.