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.

Administrator Dawson said during the administrator’s report that “we have a $15,000,000 authorization on the board for that program, $7,500 maximum loan amount.” He reported 252 initial expressions of interest as of the prior day, with interest split “almost evenly” between the St. Croix district and the St. Thomas–St. John district. The administrator said first appointments are being scheduled for June and the program will remain open through August.

Dawson credited staff involved in implementing the program by name, saying, “I’d like to commend Miss Michelle Nico, our territorial director of loans and senior and deputy administrator on Saint Croix as well as for loans team, and also the customer service area headed up by Miss Tanika Thomas for their continued, great efforts.”

The administrator described the program as being in its “initial phases” and that staff are prepared to process applications. He did not announce changes to underwriting criteria, interest rates, or the application approval timeline at the meeting.

Funding for the program comes from the retirement system’s internal authorization; no outside grants or third-party lenders were referenced during the discussion. The board did not take a separate vote at the May 29 meeting to launch or modify the program — the administrator reported the board already had an authorization in place.

Questions about individual eligibility requirements, interest rates, repayment terms, or how the loans will affect the system’s broader portfolio were not resolved at the meeting. Administrator Dawson said staff will continue to process expressions of interest and schedule appointments.

Officials said retirees who want to apply still have time to do so through August and should contact the system’s loans or customer service teams for appointments and application materials.