The CARES Act provides that qualified members may borrow a total of $100,000 from their accounts; normally, the limit is $50,000. The maximum percentage of a qualified member’s account that is available for a loan is increased to 75%, in all cases. Note: The higher loan amounts are not available for loans requested after September 9, 2020. In accordance with the CARES Act, loan amounts are now subject to the regular limitations (generally, $50,000).

These dollar limits apply to all retirement plans sponsored by the City of New York, including TRS’ Qualified Pension Plan, TRS’ Tax-Deferred Annuity Program, and the New York City Deferred Compensation Plan (DCP). Outstanding loans from any of these plans will reduce the maximum available loan under the CARES Act.

If you are repaying loans through automatic deductions from pay, the amount of your paycheck must cover the amount of your loan payments. This requirement could reduce the amount available to you in a CARES Act loan.