Part 5004 - Loans

Section 5004.2 - Additional Eligibility Requirements for Members With a Date of Membership Before July 27, 1976 (Tiers I and II)

(a) Members must not have previously received a loan during the semi-annual period (January 1 - June 30 or July 1 - December 31, as applicable) in which the loan is to be issued. A member must apply by June 15 in order to assure the loan is issued by June 30 and must apply by December 15 in order to assure the loan is issued by December 31.

(b) A loan shall be at least $300 and, together with any outstanding loan balance, shall not exceed 75% of the member's accumulated contributions.

(Statutory authority: Education Law, §512-b; Retirement and Social Security Law, §§517-b, 613-a)