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Member Loans

Members of the Benefits Board may request loans against their retirement acounts. Below you will find some quick information outlining these requests. 

  • The minimum loan amount is $1,000

  • The maximum loan can not exceed $50,000 or one-half of the participant's account balance, whichever is less.

  • The loan must be repaid by monthly bank drafts within five years

  • Those drawing out of their accounts by installment payments are not allowed to apply for a loan.

  • The interest rate, approved by our Board of Trustees, will be fixed for the duration of the loan and effective immediatly. 

  • Any amount available for a loan under this program will be reduced by the largest balance on any previous loans during the past 365 days before approval, even if previous loans are paid in full.

For information concerning loans, see our Member Loan Provisions manual

To apply and get an application, visit our Forms page. 

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