New York administers eight public-sector retirement systems. Three are offered by the state and five by the city. Most of these retirement systems have six benefit tiers. Members should be conversant with their tier and the benefits they are accruing.
That said, a very popular benefit is loan availability. The maximum amount people can borrow is 75 percent of their accumulated contributions account. Some may borrow a maximum of 90 percent. Check with your retirement system. Payments are made by payroll deduction. Borrow only the needed amount, and make sure the loan's paid off before you retire.
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