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 308 - Loans To Members
Section 308.2 - Computation of premiums

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 308.2

Current through Register Vol. 46, No. 12, March 20, 2024

(a) On or after April 1, 2010, and until further directed by the Comptroller as provided by sections 50(g)(2) and 350(g)(2) of the Retirement and Social Security Law, the premium which shall be charged to members of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System for loan insurance shall be computed as hereinafter stated.

(1) Said premiums shall be charged for, and shall apply to, all loans outstanding at the beginning of each month, and shall further apply to, and be charged for, any new or additional loans made during any month.

(2) With reference to outstanding loans, the premium charge for said month will be computed on the first day of said month.

(3) With reference to new and additional loans made on or before the 16th day of any month, a premium charge for that month shall be computed as of the date of the issuance of the loan check.

(4) The premiums charged shall be based on the member's attained age at the time the charge is computed in accordance with the following schedule of rates:

Attained age group at time of

Premium rate
premium charge

per annum
NYSLERS (Tiers 1 and 2) NYSLPFRS (Tiers 1 and 2) NYSLERS and NYSLPFRS (Tiers 3-6)
15 years or older but less than 40 years .012% .012% .096%
40 years or older but less than 50 years .024% .012% .192%
50 years or older but less than 70 years .024% .012% .396%

(b) The New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System shall maintain a continuous study of such loan insurance and keep the Comptroller advised of any significant changes which might require revision of the above premium scale.

(c) The Comptroller may make any changes in the above premium scale, at the beginning of any fiscal year, when such action is indicated by said continuous study.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.