CSAM STEM Pioneers

Pension Loans

Participants in the Public Employees’ Retirement System (PERS), Police and Firemen’s Retirement System (PFRS), or Alternate Benefit Program (ABP) may be eligible for a pension loan.

Alternate Benefit Program (ABP)

Eligibility Loan

  • Vested ABP members are eligible to receive loans based on their vested account balances.
  • Members should contact their investment carrier(s) for applications and repayment procedures.

How to Apply

  • For applications, contact the investment carrier. For a list of investment carriers, visit the Alternate Benefit Program (ABP) page.
  • Submit the Loan Agreement Form requiring the Human Resources Authorization signature to hr-benefits@montclair or send it via File Hawk.
    • Please be advised that an internal process involves both HR and the vendor to confirm that there are no outstanding balances. As such, allow 5 – 7  business days for this process to be completed.
    • The completed form will be emailed directly to the member.

Loan Forms cannot be signed if: 

  • All combined loans, including newly requested loan excess of $50,000 or 50% of total assets
  • Loan request is submitted by a former employee (Loans are not available to former employees)

Public Employees’ Retirement System (PERS) or Police and Firemen’s Retirement System (PFRS)

Loan Fact Sheet #81

Eligibility

  • Must be actively contributing to PERS or PFRS. Members who are not in a regular pay status (i.e., suspended without pay or on an unpaid leave of absence) are not eligible for a pension loan.
  • Must have three years of contributing membership posted to your account. Pension contributions and service credit are updated and posted to your account on a quarterly basis
  • Permitted no more than two loans in a calendar year; additional loan requests will be denied.
  • Must submit your application online via your Member Benefits Online System (MBOS) account.