Skip to code content (skip section selection)
Compare to:
New York City Overview
The New York City Charter
The New York City Administrative Code
The Rules of the City of New York
THE RULES OF THE CITY OF NEW YORK
Title 1: Department of Buildings
Title 2: Board of Standards and Appeals
Title 3: Fire Department
Title 6: Department of Consumer and Worker Protection
Title 9: Procurement Policy Board Rules
Title 12: Franchise and Concession Review Committee
Title 15: Department of Environmental Protection
Title 16: Department of Sanitation
Title 17: Business Integrity Commission
Title 19: Department of Finance
Title 20: Tax Appeals Tribunal
Title 21: Tax Commission
Title 22: Banking Commission
Title 24: Department of Health and Mental Hygiene
Title 25: Department of Mental Health and Retardation [Repealed]
Title 28: Housing Preservation and Development
Title 29: Loft Board
Title 30: Rent Guidelines Board
Title 31: Mayor's Office of Homelessness and Single Room Occupancy
Title 34: Department of Transportation
Title 35: Taxi and Limousine Commission
Title 38: Police Department
Title 38-A: Civilian Complaint Review Board
Title 39: Department of Correction
Title 40: Board of Correction
Title 41: Department of Juvenile Justice
Title 42: Department of Probation
Title 43: Mayor
Title 44: Comptroller
Title 45: Borough Presidents
Title 46: Law Department
Title 47: Commission on Human Rights
Title 48: Office of Administrative Trials and Hearings (OATH)
Title 49: Department of Records and Information Services
Title 50: Community Assistance Unit
Title 51: City Clerk
Title 52: Campaign Finance Board*
Title 53: Conflicts of Interest Board
Title 55: Department of Citywide Administrative Services
Title 56: Department of Parks and Recreation
Title 57: Art Commission
Title 58: Department of Cultural Affairs
Title 60: Civil Service Commission
Title 61: Office of Collective Bargaining
Title 62: City Planning
Title 63: Landmarks Preservation Commission
Title 66: Department of Small Business Services
Title 67: Department of Information Technology and Telecommunications
Title 68: Human Resources Administration
Title 69: Department of Aging
Title 70: In Rem Foreclosure Release Board
Title 71: Voter Assistance Commission
Title 72: Office of Emergency Management
Title 73: Civic Engagement Commission
§ 13-239 Rules regulating loans to members.
Any member who shall have been a member continuously at least three years, may borrow from the pension fund, subject to such rules and regulations as may be approved by such board, an amount not exceeding ninety per centum of the amount of his or her accumulated contributions provided that the amount so borrowed together with interest thereon, can be repaid before attainment of age sixty-three years by additional deductions of ten per centum from his or her compensation made at the same time compensation is paid to the member. The amount so borrowed together with regular interest creditable to the account of the member on any unpaid balance thereof shall be repaid to the pension fund in equal instalments by deduction from the compensation of the member at the time the compensation is paid, but such instalments shall be at least two per centum of the member's earnable compensation and at least sufficient to repay before attainment of age sixty-three years, the amount borrowed with interest thereon. Notwithstanding anything to the contrary in this subchapter, the additional deductions required to repay the loan shall be made, and the interest paid on the loan shall be credited to the proper funds of the pension fund. In lieu of loan, any member whose rate of contribution is cancelled, may withdraw from his or her account and may restore thereto in any year as he or she may elect any sum in excess of the maximum in his or her annuity savings account and due thereto at the end of the calendar year in which he or she became entitled to cancel his or her rate. The actuarial equivalent of any unpaid balance of a loan at the time any benefit may become payable shall be deducted from the benefit otherwise payable except that each loan made pursuant to this section shall be insured by the pension fund, without cost to the member, against the death of such member in an amount up to but not exceeding twenty-five thousand dollars as follows:
   1.   Until thirty days have elapsed after the making thereof, no part of the loan shall be insured.
   2.   From the thirtieth through the fifty-ninth day after the making thereof, twenty-five per centum of the present value of the outstanding loan shall be insured.
   3.   From the sixtieth through the eighty-ninth day after the making thereof, fifty per centum of the present value of the outstanding loan shall be insured.
   4.   On and after the ninetieth day after the making thereof, all of the present value of the outstanding loan shall be insured. Upon the death of a member, the amount of insurance so payable shall be credited to his or her accumulated contributions.