Tier 3, 4, and 6 members: The law requires that you must repay your NYCERS loan within five years. In addition, loan repayments cannot be made at a rate less than 2% of your gross salary per pay period.

Tier 1 and 2 members: The law requires that you must repay your NYCERS loan within 999 pay periods (38.4 years). In addition, loan repayments cannot be made at a rate less than 5% of your gross salary per pay period.

Loans are repaid at a fixed rate through payroll deductions. When you apply for the loan, you will be given the option to choose any rate you wish as long as it meets the minimum repayment requirements.

For all Tiers: At any time before retirement, you may request in writing to repay the entire outstanding loan in one lump sum.

If you choose to repay your loan after retirement, the monthly pension benefits paid after you repay the loan will not be reduced by the actuarial equivalent of the loan. Monthly pension benefits paid prior to the repayment of the loan will not be adjusted.

If you have registered your MyNYCERS account, the Loan Information page can help you estimate the monthly payments for a loan you want to take out (register or log in here).