Skip to Content

Office of the New York State Comptroller’s Seal

NYS Comptroller

Thomas P. DiNapoli

Preparing for Retirement

Share This Page:

Part Two: Service Credit & Loans

Service Credit and Loans

Outstanding Loans:

$5,000 Loan Balance — Retired at 62 — Permanent Reduction:

  • $32 per month
  • $384 per year
  • $7,680 after 20 years

On the other hand, to protect the pension benefits you’re working so hard to enjoy, you’ll want to pay off your Retirement System loans — if you have any. Having outstanding loans at retirement permanently reduces your retirement benefit.

In addition, the balance due may be subject to federal income tax.