Nycers loan applciation 2025

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The document is a loan application for NYCERS pension loans specifically for Tier 3, Tier 4, and Tier 6 Basic and Special Plan members. It outlines the eligibility requirements, borrowing limits, fees, repayment options, and interest rates associated with the loans. Members must complete the application form, have it notarized, and submit it to the specified address. The document also provides information on direct deposit options and tax implications related to the loans.

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Versions	Form popularity	Fillable & printable
2020	4.8 Satisfied (55 Votes)
2016	4 Satisfied (36 Votes)
2013	4.3 Satisfied (295 Votes)
2012	4.3 Satisfied (50 Votes)

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How much can I borrow from my NYCERS pension?

ERS Tier 1 and 2 and PFRS Tier 1, 2 and 3 (Article 11) How much you can borrowThe minimum loan is $25. You can borrow up to 75 percent of your contribution balance, or $50,000, whichever is less. However, your loan may be taxable if it is for more than 50 percent of your contribution balance. Service charge per loan None5 more rows

How long does it take to receive a loan from NYCERS?

GETTING THE MONEY It takes approximately 10-15 business days for NYCERS to process your loan application.

How long does a pension loan take to process?

The processing time for a 401(k) loan typically ranges between one to two weeks. However, this timeline is not fixed and can vary based on the specific procedures of your plan administrator and the completeness and accuracy of your application.

How to get a loan from NYCERS?

You are eligible to take out a loan once every 12 months if you meet the basic requirements, which are: one year of membership, minimum of $1,334 in your NYCERS account, you are in active service and not retired, not in default on a current loan, and have not taken a loan within the past 12 months.

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