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)
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.