• You may not receive a loan on or after your resignation or termination date. Any loan amount distributed on or after this date would be deemed a distribution; this information would be provided to the Internal Revenue Service (IRS).
• Please provide all of the information requested. If this application is incomplete or incorrectly completed, the processing of your application would be delayed.
• Please note that your loan application may be canceled if TRS does not have acceptable date-of-birth documentation on file for you.
• If you want to cancel this application, TRS must receive a Cancellation Request Form (code MI5) no later than the next business day after TRS receives your loan application. Failure to file the Cancellation Request Form by this deadline would result in the automatic processing of your loan application. Your loan may not be returned after it has been issued.
• Please be advised that any loan balance you may have from a City of New York Deferred Compensation Plan (DCP) 401(k) and/or 457 account during the previous 12-month period may affect the loan amount you may borrow from your QPP account. Also be advised that adverse tax consequences would result if you receive a loan that exceeds your available maximum loan amount. Please note that, since TRS must first verify your DCP loan status and balance before determining the amount you may borrow from your QPP account, the processing of this application may be delayed.
• TRS will forward your loan amount via Electronic Fund Transfer (EFT) to the bank account we have on file for you. (Generally, if you are paid on the City of New York payroll through direct deposit, TRS should have your account information on file.) If TRS does not have your bank account information, you must provide it by filing one of the following forms available in the secure section of our website: the EFT Election at Retirement Form (code BK66 e-form), if you are filing for your loan in conjunction with your retirement; or the EFT Authorization Form (code BK58a), if you are not retiring. Alternatively, you can contact our Member Services Center at the phone number below to provide your bank account information.
• Retirees who take TDA loans have a choice of how they want to repay the loans: automatic deductions from their monthly retirement allowance (including advance payments, if applicable) or monthly direct payments to TRS. To change your repayment method for any outstanding TDA loan, you may file a Request to Change TDA Loan Repayment Method (code LO105).
• If you require additional assistance, please contact our Member Services Center at 1 (888) 8-NYC-TRS (869-2877).

Your personal information is on file. You can view and update your contact information in the Profile section.

1. Please indicate the amount you want to borrow. You may specify a dollar amount or enter "maximum" to borrow the maximum loan amount available to you. Please note that the maximum amount you may request for a QPP loan at retirement is 75% of your accumulated contributions (including the balance in the employee portion of your Additional Member Contributions (AMCs), if applicable); additional restrictions on loan amounts apply to loans for members who are not retiring and members on a leave of absence. Please see the QPP Loans brochure for more information. In addition, if your requested loan amount exceeds your maximum QPP loan amount, you must elect whether to receive the maximum QPP loan amount available to you or have your application canceled.

Note: IRS regulations do not allow outstanding loan balances to be combined with new loans. Any new loan requested would be treated as a separate loan, and each loan balance would be subject to the interest, applicable insurance charges, and repayment terms in effect when the loan is issued.

2. You must elect the repayment period for your QPP loan (unless you are filing for a QPP loan in conjunction with retirement).

Note: In order for a loan check to be forwarded via EFT on a given Wednesday, TRS must generally receive your loan application by the close of business on Wednesday of the preceding week; the funds would be available on Fridays. (If a holiday occurs during a given week, TRS must receive your loan application by the first business day of that week.) However, checks for loans taken in conjunction with retirement are normally issued the third Wednesday after your effective retirement date.

3. You must provide additional information if you are on a leave of absence without pay.

You must complete this part ONLY if you are a Tier I or II member, and you have applied for an excess withdrawal. Please note that an excess withdrawal may affect the loan amount for which you are eligible.

You must complete this part ONLY if you are filing this application for a QPP loan taken in conjunction with retirement. Please be advised that TRS must receive this application no later than one business day before your effective retirement date, and that your loan taken in conjunction with retirement would be distributed after your effective retirement date. (If this application is not preceded by or filed in conjunction with an application for retirement, your loan would be subject to the same restrictions that apply to members who are not retiring.)

1. QPP loans at retirement are not repaid to TRS. Instead, they would be treated as taxable distributions (unless you receive a distribution of tax-free funds).
2. You must elect how your QPP loan at retirement will be distributed. Distribution methods include Direct Cash Payment (i.e., funds that TRS distributes directly to you via EFT) and Direct Rollover (i.e., funds that TRS pays directly to one or more eligible Individual Retirement Accounts (IRAs) or other successor program(s) that you designate). 
3. IRS regulations require TRS to withhold 20% of any taxable loan amount that you do not directly roll over to an eligible IRA or other successor program(s). The withheld amount would be sent to the IRS as a credit toward your federal income taxes for the year of distribution. If you receive a Direct Cash Payment, you may elect to roll over any taxable portion of the amount you receive, or roll over an amount equal to the entire taxable distribution, by replacing the amount withheld by TRS with funds from another source; however, this rollover must occur within 60 days of notification by TRS.
4. If you currently have an outstanding QPP loan balance, TRS is required to withhold an amount equaling 20% of the taxable portions of your existing loan balance and of your new loan amount that you do not instruct us to directly roll over to one or more eligible IRAs or other successor program(s). If you elect to receive your loan taken in conjunction with retirement as a Direct Cash Payment, the withholding from the prior outstanding loan must be taken, even if all or part of the new loan is tax-free; if the full withholding amount exceeds the amount of your new loan, TRS would issue you a payment in the minimum amount of $10. If you are a Tier I or II member, any remaining deficit would be applied to any subsequent excess withdrawal you receive directly in the same tax year; this withholding would be in addition to any withholding that would ordinarily be applied to an excess withdrawal you receive directly.
5. The minimum amount that TRS will directly roll over to a successor program is $200. (This amount may be greater, depending on the successor program's minimum requirements; any designated Direct Rollover amount that does not meet the successor program's minimum requirements will be sent directly to you as a Direct Cash Payment, less any required withholding.) Any payment less than $200 will be sent directly to you and will not be subject to the 20% withholding.
6. Any amount that is distributed through a Direct Rollover is not taxable until it is received as income and is not subject to any withholding.
7.  If you are eligible to receive tax-free funds as part of your loan taken in conjunction with retirement, you would not be subject to the 20% withholding on these funds; you would also not be eligible to roll over these tax-free funds.

You must read and accept the Terms & Conditions before submitting your form.