Once a loan has been approved and a check is sent to the member, a notification is sent to the employer through Retirement Online giving the amount to be deducted from the member’s salary on future payrolls. Should a member wish to repay the loan with a lump sum payment, he or she should contact our Call Center toll-free at 1-866-805-0990 (518-474-7736 in the Albany, New York area) for current payoff balances. Members can manage loan payments (and make additional payments) through their Retirement Online member accounts.
Reporting Loan Payments
Employers only have to report a single loan deduction for members with outstanding multiple NYSLRS loans. Payments from that deduction are applied against each outstanding loan. We will notify you through Retirement Online when to change the loan deduction amount so members can avoid underpayment — eliminating the risk of default and incurring the tax consequences.