(1) MPERA shall pay estimated retirement benefits to qualified members for up to three months. To qualify for estimated retirement benefits, a member must submit an application for early or normal service retirement, terminate active service, and meet retirement age and membership service requirements.
(2) MPERA shall pay estimated disability retirement benefits for up to three months to members granted disability retirement status by the board.
(3) The first benefit will be payable the last working day of the month in which the benefit began. Future benefits will be payable the last working day of each succeeding month.
(4) MPERA shall obtain from the employer all documentation necessary to determine the member's total service credit and final compensation and calculate the amount of the member's retirement benefit. The member's retirement application shall be submitted to the board for approval at the next meeting after MPERA finalizes the benefit amount.
(5) Estimated retirement benefits will be suspended after three months if the member's retirement application has not been finalized by MPERA and approved by the board. Monthly benefit payments to the member will not resume until after the board approves the retirement application. The first payment following board approval will include any previously suspended payments and retroactive amounts owed the member.
(a) If more than 225 retirement applications are received for members wishing to retire on a specific date, estimated retirement benefits for those retirees may be paid for up to five months prior to suspension under (4).
(6) Once a member has received and accepted a retirement benefit, the member is no longer entitled to a refund of the member's accumulated contributions.