Loans
Log in to your MyNYCERS account to see if you are eligible for a pension loan and to complete a loan application. You can also check the maximum loan amount available to you and calculate your repayment amount. The amount you can borrow is based on member contributions and earned interest, minus any outstanding loans. If your loan is taxable, you can explore tax-free borrowing options and payment plans (if available). Please note that 22-Year Plan members are not eligible for loans.
Online loan applications are typically processed within three business days if you choose direct deposit, or within 10 business days if you request a mailed check. Currently, the effective interest rate is 6.2% (6% interest rate plus 0.2% mandatory loan insurance). Repayments are automatically deducted from your paycheck beginning with the pay period following the receipt of your loan and will continue until your balance is paid in full. You may repay your loan in full at any time online, in person, or by mail (please do not send cash).
Outstanding loans at retirement that are not paid in full by the time you file your Final Option Election will result in an actuarial reduction to your retirement benefit. This reduction is based on your age and the amount of your outstanding loan at retirement. Because the reduction is not a loan payment, your outstanding loan balance will never decrease. If at any point during retirement you decide to pay your balance in full, the reduction will be removed from your next payment.
Learn more by reading Loans – Tier 3, 4 and 6 Brochure #911.
Frequently asked questions about NYCERS Loans
Note: Online loan applications via MyNYCERS are not available to Tier 1 and 2 Members. Please download and complete a paper application, available below. To learn about Loans for Tier 1 and 2 Members, refer to your Special Plan Description.
