New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 300 - Interest Rates for New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Section 300.4 - Interest rate on loans to tier 1 and 2 members
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 300.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The rate of interest to be charged on all loans granted on and after April 1, 1970 pursuant to sections 50 and 350 of the Retirement and Social Security Law shall be five per centum per annum.
(b) This rate of interest shall also apply, from April 1, 1970, to unpaid balances of loans outstanding on such date.
(c) The rate of interest fixed herein shall remain in effect until revised by further order.
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