2 CRR-NY 351.5NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 2. DEPARTMENT OF AUDIT AND CONTROL
CHAPTER VI. NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM AND NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM
PART 351. LOANS TO TIER 3, 4, 5 AND 6 MEMBERS
2 CRR-NY 351.5
2 CRR-NY 351.5
351.5 Rate of interest.
The rate of interest payable upon loans made pursuant to this section shall be one percent less than the valuation rate of interest adopted for the retirement systems. However, in no event shall such rate be less than the rate set forth in subdivision (c) of section 517 of the Retirement and Social Security Law, with respect to tier 3 members of the New York State and Local Employees' Retirement System, or the rate set forth in subdivision (c) of section 613 of the Retirement and Social Security Law, with respect to tier 4, 5 and 6 members of the New York State and Local Employees' Retirement System. Any change in the interest rate shall become effective on April 1st. However, the rate of interest applicable to any loan shall be fixed at the time the loan is made and shall not be affected by subsequent changes in the rate of interest applicable to new loans.
2 CRR-NY 351.5
Current through February 28, 2022
End of Document

IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.