HELP Table of Contents
Help InformationMY PERA is the website maintained by the Public Employees Retirement Association (PERA) for active members, retirees, survivors, and other benefit recipients of the Association. Throughout this text, we will simply refer to all users as MEMBERS to make reading easier. After logging into MY PERA the Member Account Information appears.
In the top right corner of the MY PERA web pages is a link to on-line Help. This provides topic instructions to ease your use of member information. Help text appears in a separate browser window so you can view the information and have a specific Member Task screen such as Retirement Benefits, open at the same time. Help information has been organized into sections that support each task. In other words, if the Retirement Benefit window is open and the Help link is selected, the system will display the help content about that window.
Clicking Help will display information about the open window. All Help topics can be viewed by scrolling through the online text using your mouse. To print the entire Help text click Print on your Internet browser. No print button has been established within the site for printing the Help text since it is intended to be an online reference tool that will be modified as enhancements are made.
REGISTER FOR A MY PERA ACCOUNT
Before you can access MY PERA's on-line services, you must first register for an account.
To be eligible to register for an account, you must have a date of birth and address recorded with the Association. Eligible members may set-up an account on our web site using the following procedure:
Only registered accounts can access the MY PERA on-line services. If you have not registered for an account, please click REGISTER AS A NEW USER. For assistance, you can scroll to the Help on registering entry above.
You can log on using either your E-mail address or Social Security number, along with your Password. Please use the e-mail address PERA currently has on file for your MY PERA account (this is normally the address you used when you set up your MY PERA password). Remember: your password is case sensitive--make sure your cap lock is off.
It is important that you enter either your E-mail Address or Social Security Number and Password correctly when you log on.
If you are having trouble logging on to PERA's On-Line Services and Information System, you should consider the following:
Microsoft Internet Explorer Link
Firefox Link
Google Chrome Link
Entry into MY PERA's on-line services is allowed only when an individual logs on using a valid e-mail or Social Security Number and Password. The password must be 8-30 characters in length with at least 1 number and 1 upper case letter (such as passwOrd1). This gives each person the opportunity to create a password that might be more easily remembered and ensures that no one else knows the password (not even a PERA employee).
The Change Password window facilitates the process of changing a password.
To change your Password, do the following.
To enter MY PERA's on-line services, each authorized user must logon from the Main Member Home Page of PERA’s web site using e-mail or Social Security Number and Password. If three incorrect logon attempts occur without a successful logon, the person is locked out of the system for 24 hours. Go to FORGOT PASSWORD, or call PERA to regain access within a shorter period of time.
If the user is timed-out due to system inactivity, follow the procedures outlined under Time-Out.
A Time-out occurs when the system has been inactive for 20 minutes or more. When this occurs, the user will receive an error message stating, “IntraWeb Application Error – Session not found. Session may have expired.” when he or she attempts to perform a function. The user should close his or her Internet browser, wait the allotted time, and then logon to PERA member on-lines services.
When you are done using MY PERA, use the Log Off task on the Navigation Menu to sign off. To exit the system properly, follow these steps.
NOTE: If you omit step 3 above and do not close your Internet session, you will not be able to re-enter PERA member on-line services for 30 minutes.
If you forgot your password, you must select the FORGOT PASSWORD link located on the left side of the Log On window. You will need to provide us with your Social Security Number, Last Name, and Date of Birth. Once we validate your information, you will be asked to answer the security question(s) you previously established when you registered for MY PERA. If you answer one of the two security questions correctly, you will be allowed to reset your password. If you answer both security questions incorrectly then we send an email with a link to change password.
If you registered for MY PERA before we instituted the security question requirement, you will need to re-register your MY PERA account and supply a new password. No assistance is needed from PERA staff to obtain a new password, and PERA staff cannot look up a person’s present password.
NAVIGATING WITHIN PERA MEMBER ON-LINE INFORMATION
A Navigation Menu appears vertically on the left side of the MY PERA Home Page and all main task windows. The menu provides access to other parts of the on-line services depending on the tasks that you are authorized to perform. The Navigation Menu remains visible as you move within the on-line services, but its contents may change slightly. The Home, Log Off, Help and Site Map tasks will always be accessible from a window.
Movement within the member on-line information must be done through the Navigation Menu and cannot be initiated using the “forward arrow” or “back arrow” on your Internet browser. These arrows have been disabled while you are in the PERA system because their use can have unpredictable results. To perform a task that is listed on the Navigation Menu, use your mouse to move the cursor over the name of the task you wish to perform.
Please read the following information carefully. By logging on to the PERA secure pages, you affirm that you have read and do agree to adhere to the responsibilities and recommendations in this disclosure.
It is your responsibility to protect your Password because it is your access to your account information. PERA strongly recommends the following:
Always Log Off PERA’s secure site when you are done. Notify PERA immediately if an unauthorized person obtains access to your Password or there is unauthorized activity discovered. It is your responsibility to carefully review your account information and to immediately contact PERA if you believe there is a discrepancy. Access to your account information is for your convenience. PERA may restrict or discontinue your account access at any time and without notice.
While PERA strives for accuracy, it does not warrant or guarantee the accuracy or completeness of any information or database accessible through the PERA Web site. Nor does PERA guarantee or warrant that any files available for downloading will be free of defects or that Internet service will be uninterrupted.
You agree and understand that you are using the PERA Web site at your own risk. The PERA Web site is provided on an "AS IS" and "AS AVAILABLE" basis. WE MAKE NO WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT, OR WARRANTIES REGARDING THE ACCURACY, AVAILABILITY, RELIABILITY OR COMPLETENESS OF THE CONTENT OR ANY OTHER SERVICE (INCLUDING ANY LINK TO ANOTHER WEB SITE OR RESOURCE).
This Web site takes every precaution to protect our members' information. When a member submits sensitive information to the PERA Web site, that information is protected both on-line and off-line. When our forms ask you to enter sensitive information, that information is encrypted and is protected with the encryption software. While on a secure page, the lock icon (typically a picture of a key or padlock) on the bottom of Web browsers (such as Netscape Navigator and Microsoft Internet Explorer) becomes locked. When you are on a page that is not secure, the lock icon is unlocked, open or not visible. While we use SSL encryption to protect sensitive information on-line, we also do everything in our power to protect member information off-line. We have procedures that limit employee access to personally identifiable information to those employees with a business reason to know such information about you.
The Web page address in the address bar at the top of your browser window will begin with "https" (as opposed to "http") if you are on a secure Web page. The servers used to store personal information are protected by industry standard technologies, including password protection and firewalls.
Use of Cookies: This Web site does not collect personal information about you unless you choose to provide this information to us. We do not use cookies to collect user information. We do collect and store the name of the domain and host from which you access the Internet; the Internet protocol (IP) address of the computer you are using; the browser software you use and your operating system; the date and time you access our site; and the Internet address of the Web site from which you linked directly to our site. Javascript is used within this site. Browsers that are not Javascript and cookies enabled will not have access to all functions on some pages. Each of the browser families have options to allow javascript to be enabled or disabled. Internet Explorer: You can access the javascript options through the Tools and Internet Options from the main menu. Netscape Navigator: You can access the javascript options through the Edit and Preferences options from the main menu.
ABOUT YOUR DEFINED BENEFIT PLAN INFORMATION
The PERA estimates shown are for informational purposes only. Estimates (rounded to the nearest dollar) were calculated by using the salary you have already earned to determine the average of your highest five successive years of salary.
Final benefit calculations will be made using the official records on file with PERA. Your age at retirement, years of PERA service, and an average of the highest five successive years of salary will be used to determine the actual benefit payable. The estimates within this statement consider only the service credit(s) identified in your Service Credit Information.
Please Note: In the event of any conflict between the information on this statement and existing law, the provisions of the law will govern.
Form of Payment – Single-Life (Normal) Retirement Benefit
The single-life benefit is in the form of a lifetime benefit. This provides equal monthly payments to you during your lifetime only. No monthly payments will be made to any person after your death, but any balance of your contributions at the time of your death will be paid to your beneficiary(ies).
Lifetime Payout – The Lifetime Payout calculation answers the question “How much money will PERA pay me over my lifetime?” Of course, the answer varies depending upon when you die and what assumptions are used to determine the lifetime payout. For information purposes only, we computed your lifetime payout using the following:
Present Value – The Present Value calculation answers the question “What’s my future retirement benefit worth today?” or “How much money would I need to invest today to earn this monthly retirement benefit in the future?” The net present value is not the balance in your account and it is not payable to you. For information purposes only, we computed the present value using the following assumptions:
Form of Payment – Survivor Option Benefit
If you wish, you may elect payment in the form of a 25%, 50%, 75%, or 100% survivor optional benefit. Upon your death, the person you choose, as your survivor will receive the percentage of your monthly pension that you have chosen. If your designated survivor should die before you, your benefit would increase to the amount payable under the single-life (Normal) retirement benefit form. If both you and your survivor die, your designated beneficiary(ies) would receive a lump-sum payment of any remaining contributions. Your benefit is reduced under these options, because it is expected that payments will be made not only over your lifetime, but also the lifetime of your survivor.
Temporary Increase Option – For members who retire before age 62
Although not included in the estimates provided in this statement, an additional amount (of $36 to $99) may be payable to you each month until you reach age 62. The amount of this supplement depends upon your age at the time you retire. If you would like more information about this alternative payment form, please contact a PERA representative.
ABOUT YOUR DEFINED CONTRIBUTION PLAN INFORMATION
The information shown is for the last full six months, and is based on: 1) how contributions were invested based upon either your selections or the requirements of Minnesota law in the absence of your selections; 2) the total value of your account, both at the beginning and at the end of the reporting period; and 3) employee and employer contributions received by PERA.
DCP members may choose from investment options, ranging from a fixed interest fund to a stock market index vehicle. The Minnesota State Board of Investment established these funds to meet varying investment goals. Following is a brief description of the seven investment options. Comprehensive information about each fund and its past performance can be found in the Investment Options Prospectus brochure published by the Minnesota State Board of Investment.
Bond Market Account – The Bond Market account invests solely in U.S. and non-U.S. fixed income securities (bonds). The majority of the account is invested in high quality government and corporate bonds that have intermediate to long-term maturities, from three to twenty years.
Common Stock Index Account – The assets of this fund are invested in U.S. common stocks. The assets are invested in approximately 4,600 different stocks chosen to match the return produced by the Wilshire 5000. The Wilshire 5000 is a stock market index that contains every publicly traded stock for which daily prices can be obtained.
Growth Share Account - The account is composed almost exclusively of stocks of U.S. companies. This investment is for those who feel the stock market, over time, will provide higher returns than other types of investments. Its primary objective is to generate high returns from increases in the market value of the assets it owns. At the same time, the risk to the investor is higher than for money market type of accounts.
Income Share Account – The investment mix of the fund is approximately 60 percent U.S. common stocks, 35 percent bonds and 5 percent cash. This is a balanced investment program involving some risk in return for a higher average return than would be available through a money market account.
International Share Account – This fund invests in stock of companies outside the United States. About half of the account will be held in stocks intended to track the Morgan Stanley Capital International Index of Europe, Australia and the Far East (EAFE). Several international stock managers will actively manage the other half.
Money Market Account – This account invests in short maturity, fixed income investments that pay rates competitive with those available in money markets. Assets are invested in high quality, short-term investments, such as U.S. Treasury Bills, bank certificates of deposit, repurchase agreements and high-grade commercial paper.
Fixed Interest Account – The Fixed Interest Account invests in stable value instruments, which are Guaranteed Investment Contracts (GICs) and GIC-type investments offered by major U.S. insurance companies and banks and in comparable investments in non-U.S. financial institutions. Contributions deposited into the Fixed Interest Account earn monthly interest rates.
As a participant in the DCP, you determine how employee and employer contributions are invested through the purchase of shares in accounts of the Minnesota Supplemental Investment Fund. Shares belong entirely to you, and you may change investment selections at any time, or transfer all or portions of previously purchased shares from one account to another. Special restrictions apply, however, when transferring funds from the Fixed Interest Account.
PERA retains employer administrative charges of two percent of each dollar of employer contributions (2 cents of each dollar). These administrative charges are subtracted from employer contributions before they are invested in your account. PERA also collects a management fee or an asset-based charge of .4 percent annually of the value of your account ($4 for every $1000 in value) for its costs of managing the plan.
If you leave eligible service or die, you (or your named beneficiary) is entitled to a lump-sum payment of the value of the shares you own. The final values of your shares are determined by economic and market conditions. PERA and the State of Minnesota cannot guarantee that your share values, or the overall value of your account, will not decrease over time. Unless rolled over in another tax-qualified plan, the lump-sum payment you receive is taxable upon withdrawal, because the contributions you and your employer made to your account were not taxed. If you withdraw before age 59 ½, your payment may also be subject to a 10 percent tax surcharge if it is not rolled over.
Questions or comments about the performance of your investments should be referred to the State Board of Investment. Questions about how the plan operates or about specific amounts shown on this statement should be directed to PERA.
You should be aware of the person(s) shown as your beneficiary on PERA’s records. If you have no listed beneficiary and no monthly benefit is due, payment is made to your surviving spouse or, if none, to your estate. If you wish to change your beneficiary designation you must complete and submit a Change Form to PERA.