{"id":1226,"date":"2018-12-05T15:58:45","date_gmt":"2018-12-05T15:58:45","guid":{"rendered":"http:\/\/www.montclair.edu\/human-resources\/?page_id=1226"},"modified":"2026-04-06T12:09:32","modified_gmt":"2026-04-06T16:09:32","slug":"pension-loans","status":"publish","type":"page","link":"https:\/\/www.montclair.edu\/human-resources\/benefits\/retirement-plans\/pension-loans\/","title":{"rendered":"Pension Loans"},"content":{"rendered":"<p>Participants in the Public Employees&#8217; Retirement System (PERS), Police and Firemen&#8217;s Retirement System (PFRS), or Alternate Benefit Program (ABP) may be eligible for a pension loan.<\/p>\n<h3>Alternate Benefit Program (ABP)<\/h3>\n<p>Eligibility Loan<\/p>\n<ul>\n<li>Vested ABP members are eligible to receive loans based on their vested account balances.<\/li>\n<li>Members should contact their investment carrier(s) for applications and repayment procedures.<\/li>\n<\/ul>\n<p><span style=\"color: #333333;font-size: 1.1em\">How to Apply<\/span><\/p>\n<ul>\n<li>For applications, contact the investment carrier. For a list of investment carriers, visit the <a href=\"http:\/\/www.montclair.edu\/human-resources\/benefits\/retirement-plans\/alternate-benefit-program-abp\/\">Alternate Benefit Program (ABP)<\/a> page.<\/li>\n<li>Submit the Loan Agreement Form requiring the Human Resources Authorization signature to <a href=\"askHR@montclair.edu\">askHR@montclair.edu.<\/a>\n<ul>\n<li>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 &#8211; 7\u00a0 business days for this process to be completed.<\/li>\n<li>The completed form will be emailed directly to the member.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #333333;font-size: 1.1em\">Loan Forms cannot be signed if:\u00a0<\/span><\/p>\n<ul>\n<li>All combined loans, including newly requested loan excess of $50,000 or 50% of total assets<\/li>\n<li>Loan request is submitted by a former employee (Loans are not available to former employees)<\/li>\n<\/ul>\n<h3>Public Employees&#8217; Retirement System (PERS) or Police and Firemen&#8217;s Retirement System (PFRS)<\/h3>\n<p><a href=\"https:\/\/www.nj.gov\/treasury\/pensions\/documents\/factsheets\/fact81.pdf\">Loan Fact Sheet #81<\/a><\/p>\n<p>Eligibility<\/p>\n<ul>\n<li>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.<\/li>\n<li>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<\/li>\n<li>Permitted no more than two loans in a calendar year; additional loan requests will be denied.<\/li>\n<li>Must submit your application online via your Member Benefits Online System (<a href=\"https:\/\/www.nj.gov\/treasury\/pensions\/mbos-register.shtml\">MBOS<\/a>) account.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Participants in the Public Employees&#8217; Retirement System (PERS), Police and Firemen&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2937,"parent":471,"menu_order":6,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-1226","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/1226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/comments?post=1226"}],"version-history":[{"count":4,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/1226\/revisions"}],"predecessor-version":[{"id":9723,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/1226\/revisions\/9723"}],"up":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/pages\/471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/media\/2937"}],"wp:attachment":[{"href":"https:\/\/www.montclair.edu\/human-resources\/wp-json\/wp\/v2\/media?parent=1226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}