§ 517-c. Loans to members of certain retirement systems. a. For the\npurposes of this section, the term "retirement board" or "board" shall\nmean the head of the retirement system as defined in subdivision\nthirteen of section five hundred one of this article.\n b. 1. A member of the New York state and local employees' retirement\nsystem, the New York state and local police and fire retirement system,\nthe New York city employees' retirement system, the New York city board\nof education retirement system or the New York city police pension fund\nin active service who has credit for at least one year of member service\nmay borrow, no more than once during each twelve month period, an amount\nnot exceeding seventy-five percent of the total contributions made\npursuant to section five hundred seventeen of this article (including\ninterest credited at the rate set forth in subdivision c of such section\nfive hundred seventeen compounded annually) and not less than one\nthousand dollars, provided, however, that the provisions of this section\nshall not apply to a New York city uniformed correction/sanitation\nrevised plan member or an investigator revised plan member.\n 2. A member of the New York state and local employees' retirement\nsystem who first joins such system on or after January first, two\nthousand eighteen, or a member of the New York city police pension fund\nwho first joins such system on or after January first, two thousand\neighteen in active service who has credit for at least one year of\nmember service may borrow, no more than once during each twelve month\nperiod, an amount, not less than one thousand dollars and which would\nnot cause the balance owed pursuant to this section, including any\namounts borrowed then outstanding, to exceed (i) fifty percent of the\nmember's total contributions made pursuant to section five hundred\nseventeen of this article (including interest credited at the rate set\nforth in subdivision c of such section five hundred seventeen compounded\nannually); or (ii) fifty thousand dollars, whichever is less.\n c. An amount so borrowed, together with interest on any unpaid balance\nthereof, shall be repaid in equal installments which shall be made by\nthe borrower directly to the retirement board or through regular payroll\ndeduction. Such installments shall be in such amount as the retirement\nboard shall approve; however, they shall be at least (a) two percent of\nthe member's contract salary, and (b) sufficient to repay the amount\nborrowed, together with interest on unpaid balances thereof within a\nperiod not in excess of five years. In the event of default, such\nretirement board shall be authorized to collect such payments due from\nthe employer of such member through payroll deduction and such member\nshall forfeit all future entitlement to borrow from the retirement\nsystem until the unpaid balance of the loan outstanding at the time of\ndefault is fully paid. Such retirement board, at any time, may accept\npayments on account of any loan in addition to the installments fixed\nfor repayment thereof. All payments of principal and interest at the\nlower of the rates set forth in either subdivision c of section five\nhundred seventeen of this article or subdivision d of this section made\nby the member shall be credited to his or her account as principal or\ninterest. Any additional interest paid by the member shall be credited\nto the appropriate fund of the retirement system.\n d. The rate of interest payable upon loans made pursuant to this\nsection shall: (1) for members of the New York state and local\nemployees' retirement system, be one percent less than the valuation\nrate of interest adopted for such system, however, in no event shall the\nrate be less than the rate set forth in subdivision c of section five\nhundred seventeen of this article; (2) for members of the New York city\nemployees' retirement system, be one percent less than the regular\ninterest rate establi
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