Inactive Members

You have options with your PERA account

• You can choose to keep the money in your PERA account while inactive. If you do, you’ll earn interest on your  account balance—currently 3% compounded annually—and when you reach retirement eligibility, you can apply for a lifetime benefit.
• You can choose to refund or do a rollover of your account. Your refund/rollover amount will include your contributions plus interest and a potential match on your contributions: 50% match if vested and 100% match if you’re eligible for retirement. Keep in mind if you do a refund/rollover of your DB Plan account(s), you forfeit any future right to a benefit.

Applying for a retirement benefit?

• You are eligible to receive a monthly retirement benefit when you reach age 65 or meet the age and service requirements. Visit the Highest Average Salary Tables page to estimate your benefit based on your age and years of service.
• If you have at least five years of service credit, your retirement benefit will be determined by the higher of a money purchase calculation based on the value of your account and your age (annuity), or a defined benefit calculation (pension).
• You can apply for retirement online or by sending us your completed retirement application.
• Learn more about the retirement process on our Ready to Retire page.

Required Minimum Distributions (RMDs) and unclaimed property

• Required Minimum Distributions (RMDs) are minimum withdrawals the IRS requires from many retirement plan accounts every year once the account owner reaches a certain age. 
• PERA uses the State of Colorado’s Unclaimed Property Fund, also known as the Great Colorado Payback (GCP), to ensure compliance with RMD rules. PERA will transfer accounts to the GCP in October of the year an inactive member who has not earned five years of service credit reaches RMD age. To prevent this transfer, you should apply ahead of this timing to begin a monthly benefit or refund your account.

Returning to work?

• If you return to work for a PERA employer, you will resume accruing service credit toward your future retirement benefit. Visit our Affiliated Employers page to view a list of PERA-affiliated employers by division.