Pension Payment Calendar Check Mailed Direct Deposit Menu Log In / Register COVID-19 IRS Notice 2020-23 FAQs Note: IRS Notice 2020-23 expired on July 16, 2020. Q: What is IRS Notice 2020-23? IRS Notice 2020-23 is a regulation issued by the Internal Revenue Service regarding the deadline for certain acts that must be performed by taxpayers. For NYCERS purposes, IRS Notice 2020-23 allowed members to defer payment on any outstanding loan that were not in default for the period from April 1, 2020 until July 15, 2020. This regulation also extended the deadline to complete a rollover of an eligible distribution. Q: Who can take advantage of loan deferment under IRS Notice 2020-23? Any NYCERS member with an outstanding loan that was not in default could request loan payment deferment under IRS Notice 2020-23 by submitting NYCERS Form #402. There were no qualification requirements for this deferment. Q: How can I get a deferment on paying my NYCERS loan under IRS Notice 2020-23? Q: Is interest charged during the IRS Notice 2020-23 deferment period? Q: Does IRS 2020-23 eliminate payment of loan insurance? IRS Notice 2020-23 did not eliminate payment of loan insurance during the deferment period; by law, your loan must remain insured. Your loan insurance premium for the deferment period would be added to your outstanding loan balance when your payments resume. Q: Can I benefit from this loan deferment if my loan is already in default? Q: How will this affect the 5-year repayment limit if I take a deferment under IRS Notice 2020-23? Q: What happens if I don’t repay the loan? Failure to make required payments on your loan once the deferment period had ended would place your loan in default, and the outstanding loan balance would be reported to the Internal Revenue Service as income. Q: How does IRS Notice 2020-23 affect my rollover of an eligible distribution? If the deadline for you to complete the rollover of an eligible distribution fell between April 1, 2020 and July 14, 2020, you had an extension until July 15, 2020 to complete the rollover. Customer Service Center Contact the Call Center for information. Fully completed forms may be placed in a secure Drop Box at NYCERS’ Jay Street entrance Mon-Fri, 8am-5pm. Call Center Hours Monday-Friday, 8 am – 5 pm (347) 643-3000 Within NYC (877) 669-2377 Toll-Free (347) 643-3501 TTY Forms and Correspondence: Mailing Address & Instructions Executive Offices M–F 9 am – 5 pm 335 Adams Street, Suite 2300 Brooklyn, NY 11201-3724 Email NYCERS’ Executive Director Submit a Media Inquiry Only for use by members of the press. Connect with Us © New York City Employees’ Retirement System Disclaimer & Privacy Policy Sitemap ✎ Chat with us