Part 5004 - Loans

Section 5004.3 - Additional Eligibility Requirements for Members With a Date of Membership on or After July 27, 1976 (Tiers III and IV)

(a) Members must not have previously received a loan during the calendar year (January 1 - December 31) in which the loan is to be issued. A member must apply by December 15 in order to assure the loan is issued by December 31.

(b) A loan shall be at least $1000 and, together with any outstanding loan balance, shall not exceed 75% of the member's total contributions.

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