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 351 - Loans To Tier 3, 4, 5 And 6 Members
Section 351.2 - Maximum loan amount

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 351.2

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

(a) A member may not borrow more than 75 percent of his or her accumulated contributions. In the case of a loan to a member who already has an outstanding loan balance from a previous loan or loans, the amount of such loan may not exceed an amount, which when added to the outstanding balance of previous loans, will exceed 75 percent of the member's accumulated contributions.

(b) Notwithstanding subdivision (a) of this section, a member who first joins the New York State and Local Employees' Retirement System or the New York State and Local Police and Fire Retirement System on or after January 1, 2018 may not borrow more than 50 percent of his or her accumulated contributions or fifty thousand dollars ($50,000), whichever is less. In the case of a loan to such a member who already has an outstanding loan balance from a previous loan or loans, the amount of such loan may not exceed an amount, which when added to the outstanding balance of previous loans, will exceed 50 percent of the member's accumulated contributions or fifty thousand dollars ($50,000), whichever is less.

(c) The amount of all loans outstanding shall not exceed the limitations of Internal Revenue Code section 72(p).

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.