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Retirement System launches limited retiree loan program with $15 million authorization; 252 expressions of interest
Summary
The Government Employee Retirement System has started a limited retiree personal loan program authorized at $15 million, with a $7,500 maximum loan and 252 initial expressions of interest; appointments begin in June and the application window remains open through August.
The Government Employee Retirement System on May 29 reported the launch of a limited retiree personal loan program authorized at $15,000,000 and capped at $7,500 per borrower, with initial appointments scheduled in June and the application window open through August.
The program matters to thousands of system beneficiaries because it gives current retirees access to small, secured personal loans under an internal authorization that the board approved prior to this meeting. Administrator Dawson described the program as a “modest start” and said staff expect loan activity to increase over the coming months.
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