Loans

The GRSD Loan Program allows qualified applicants to borrow money against the cash value of your annuity savings fund. Any active general city employee (coded active and paid on City payroll) who is or has been a participant in the Defined Contribution Plan may be eligible to withdraw from their annuity savings fund. Loans are funded directly from the member’s Frozen Defined Contribution Account, and the withdrawal is deducted from the account balance. The loan program is available only for legacy accounts; loans from hybrid defined contribution accounts are not available at this time. Additional details about the loan program can be found on our Frequently Asked Questions page.

Applications can be downloaded here and delivered, emailed, or faxed to First Independence Bank for processing. Please note that applications must be returned only to First Independent Bank. The Retirement System is not able to accept applications for the annuity loan program.
Loan Application

Local branches of First Independence Bank include the following locations:

Main Office Branch
7310 Woodward Ave., #101
Detroit, MI 48202
(313)256-8400

Garfield Branch
38880 Garfield Rd.
Clinton Twp., MI. 48038
(586)329-7200

Seven Mile Branch
7020 W. Seven Mile
Detroit, MI. 48221
(313)342-0900