NY S09327

Permits Tier 3, Tier 3 Revised, and Tier 3 Enhanced members of the New York City Police Pension Fund to borrow against their accumulated total member contributions with interest, a right previously limited to Tier 1 and Tier 2 members.

Members hired before January 1, 2018 may borrow up to 75% of their total contributions plus accumulated interest, with a minimum loan of $1,000 and a maximum of one loan per 12-month period.

Members hired on or after January 1, 2018 may borrow up to 50% of their total contributions plus accumulated interest or $50,000, whichever is less, with the same frequency and minimum restrictions.

Sets the loan interest rate at one percent less than the regular interest rate established for the New York City Police Pension Fund, but not less than the rate for member contributions.

Outstanding loan balances at retirement are converted to a reduced annuity deducted from annual retirement benefits, but members may repay the loan balance at any time to restore full benefits.