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How to use or fill out F302 Loan Application Tier 3, Tier 4 and Tier 6 Basic
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Click ‘Get Form’ to open it in the editor.
Begin by entering your personal information, including your name, address, and contact details. Ensure accuracy as this information is crucial for processing your application.
Select the loan type and specify the loan amount you wish to apply for. Remember that the minimum loan amount is $1,000.
Choose your repayment schedule. Indicate either the repayment amount or duration (up to a maximum of 48 months). Note that repayments cannot be less than 2% of your gross salary.
If applicable, complete the section for loans at retirement by providing your retirement date and rollover institution details.
For electronic funds transfer (EFT), indicate whether you want the loan deposited into the same account as your payroll check. If not, provide your banking information.
Review all entered information for accuracy before signing. Ensure you are in front of a notary when signing the document.
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The loan amount is based on the Basic Monthly Pension (BMP) plus the ₱1,000 additional benefit. The pensioner-borrower may choose from the following loanable amounts, but not to exceed the maximum loan limit of ₱200,000. The interest rate is 10% per annum computed on diminishing principal balance until fully paid.
How long does it take to process a NYCERS loan?
Eligibility is based on your tier. Generally, youll need to be on the payroll of a participating employer, have at least one year of service credit and have the required minimum contributions in your account. (Note: Retirees are not eligible for NYSLRS loans.)
What is tier 4 pension?
Tier 4 is a defined benefit plan that provides pension benefits based upon final average pay and years of service. This plan provides service, disability, and survivor pension benefits as well as retiree health insurance subsidies to eligible sworn members and certain qualified survivors.
How long does a pension loan take to process?
This type of loan will not be issued until after your retirement date as NYCERS completes a review of your account. It may take up to one month to complete the review and issue your loan check.
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