GERS Loans Starting With $20 Million

The Government Employees’ Retirement System expects to release the details on restarting its loan program for retirees and government employees in early April.

At a Tuesday meeting of the Board of Trustees, GERS Administrator Angel Dawson said he had attended a meeting on March 14 concerning the program’s restart, and a press release with details would go out on April 8.

When GERS shut down the program in 2015, calls immediately came demanding it be restarted. Within a year, the Senate passed legislation mandating that GERS restart the program.

However, trustees said restarting the program was “financially irresponsible,” considering the system was wobbling toward bankruptcy. The GERS Rescue Act passed two years ago, changed that.