Retiree Pension Loan repayment
I ran into an old friend who retired from DOC.. He told me that they can repay any pension loan back even after retirement... I have never heard of that.. Do we have that same option and what Is the...
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You don't pay back a pension loan after retirement, it's simply calculated into a reduced pension payment at time of retirement. Key is not to have a shortage as a result of a pension loan.
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And it becomes taxable income and you pay the tax on it, so no way do you pay it back.
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If DOC falls under NYCERS then it can be paid after retirement.
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I misread your subject line. The loan can be repaid if you separate from city service (not retire). Before leaving they would give you a coupon book with scheduled payments...otherwise it's considered...
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tunnelpopo wrote:I misread your subject line. The loan can be repaid if you separate from city service (not retire). Before leaving they would give you a coupon book with scheduled...
View ArticleRe: Retiree Pension Loan repayment
tunnelpopo wrote:If DOC falls under NYCERS then it can be paid after retirement.Yeap. DOC does fall under NYCERS.
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