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Loans are repaid through payroll deductions. You may borrow only once in any 12-month period. There is a service charge of $45, which will be deducted from your loan when it is issued. Prior to retirement, and 30 days after issuance, loans are fully insured in case you die before repaying them.

ERS Tiers 1 and 2; PFRS Tiers 1, 2 and 3 (Article 11) How Much You Can BorrowThe minimum loan is $25. 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 loanNoneCurrent interest rate5%4 more rows

Pension Hardship Distribution To qualify, you must have immediate and financial need. While a hardship withdrawal will not be subject to a penalty, it will be a taxable distribution. You will still need to pay federal income tax on the money you take out of your pension early due to financial hardship.

Once you submit your application, NYCERS will process it in approximately 10 business days (or, if you are applying in advance, within 10 days after your eligibility date). If you apply online and select EFT, your loan will be processed in three (3) business days.

Employers' average contribution rates for the State Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees' Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS).

Projections of required contributions vary by employer depending on factors such as the types of retirement benefit plans adopted, salaries paid, and the distribution of employees among the six membership tiers. The New York State Common Retirement Fund's long-term assumed rate of return will remain at 5.9%.