Annuity Loans:  Frequently Asked Questions:

Highlighted here are the top 5 questions the Retirement Systems receives regarding loans: 

1. May I have more than one loan at a time?

Yes. The plan allows for a total of up to two loans across both plans (Legacy and Hybrid) at one time

2. What is the maximum loan amount I can borrow at one time?

General Retirement System (GRS)

The maximum loan amount is $10,000 or 50% of your current annuity balance across both plans (Legacy and Hybrid) at one time.  You must have an annuity balance of at least $2000 in the plan for which you’re applying for the loan.

 Police and Fire Retirement System (PFRS)

The maximum loan amount is $15,000 or 50% of your current annuity balance across both plans (Legacy and Hybrid) at one time.  You must have an annuity balance of at least $2000 in the plan for which you’re applying for the loan. 

3. May I borrow from my Hybrid Pension?

No. Annuity loans are borrowed against your voluntary contributions to the Annuity Savings Fund. 

4, Am I eligible for a loan if I’ve defaulted on a loan?

No. If you’ve defaulted on a loan from either plan (Legacy or Hybrid), you are disqualified from applying for a loan from either plan. 

5. What is the minimum loan amount I can borrow?

$1000, but you must have an annuity balance of at least $2000 to be eligible for a loan. 

Please make sure that your contact information is current.  Contact your active Payroll Department to update your information.