GERS to Launch Limited Retiree Loan Program on May 19 With $15 Million Cap

The Government Employees’ Retirement System (GERS) has officially announced the launch of its Limited Retiree Personal Loans Program, approved by the Board of Trustees, with applications set to begin on May 19. According to GERS, the new program aims to provide qualified retirees with personal loans of up to $7,500, with a loan term of up to five years at 8% interest. The program is open to retirees currently receiving annuity checks, but does not include pending retirees or those with existing loans. Additionally, all loans must be repaid before the retiree reaches age 70, with other terms and conditions applying. For calendar year 2025, the program has been allocated $15 million in total funding, with $7.5 million designated per district. Once the allocated funds are exhausted, no additional loans will be issued under the program for the remainder of the year. GERS retirees interested in participating must complete an interest form and schedule an appointment online through the of...