Get Nyc Deferred Comp Loan Application

Completing the Nyc Deferred Comp Loan Application online can seem challenging, but this guide provides step-by-step support to help you navigate each section with confidence. Follow the instructions carefully to ensure your application is completed correctly.

Follow the steps to successfully submit your loan application.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin filling out Section I by selecting either the 457 Plan Loan or the 401(k) Plan Loan. Ensure you check only one box.
3. In Section II, provide your participant information, including your Participant ID or the last four digits of your Social Security Number, your date of birth, and your contact numbers. Make sure to check the box if your home mailing address has changed.
4. Complete Section III with the agency payroll code, payroll frequency, and retirement system associated with your employment. Ensure all relevant boxes are checked accurately.
5. In Section IV, specify the requested loan amount. Remember that the minimum loan amount is $2,500 and that the maximum will depend on your total account value and outstanding loans.
6. Move to Section V to choose your repayment schedule. Indicate your desired loan repayment term by checking the appropriate box, allowing you to select between a 1-year to a 5-year term.
7. In Section VI, indicate whether you have had any outstanding loan balances with your retirement system in the last 12 months by checking 'Yes' or 'No' and selecting the relevant systems.
8. Section VII requires authorization from your Retirement System or 403(b) authorized representative. Ensure this section is fully completed before submission.
9. Proceed to Section VIII. Here you will provide your authorization and signature, affirming that you have read and understood all terms and conditions related to the loan application.
10. Finally, in Section IX, arrange for a notary public to notarize your application to ensure that it will be processed by the Plan’s Administrative Office.
11. Once all sections are completed and signed, submit your application to the appropriate address provided on the form. You may also choose to save changes, download a copy, or share the form as needed.

Start filling out your Nyc Deferred Comp Loan Application online today for a smooth and efficient process.