Using Your Plan
Active employees may apply for a loan for any purpose.
To apply for a loan:
- You may log in to the participant website using your User ID and Password.
- You may download, print and complete the 457 Direct Loan/Refinance Application Packet. The completed form can faxed to MissionSquare Retirement at (202) 682-6439.
Please note the following:
- All loan repayments must be made via Automated Clearing House (ACH), therefore, you will need to provide your bank account information on the loan application documents.
- The maximum term for a general purpose loan is 5 years. The maximum term for a primary residence loan is 15 years
- The interest rate on a general purpose loan is Prime Rate plus 0.5%. The interest rate on a residential loan is based on the FHA/VA rate. All interest is payable to your account.
- There is no annual maintenance fee for the loan.
- Applications for a Residential loan must be accompanied by a signed Purchase Agreement.
- Employees must apply for a loan directly through MissionSquare Retirement. Do no submit any loan paperwork to Miami-Dade County's Benefits Office.
- The State of Florida imposes a "documentary stamp tax" on retirement plan loans. If you execute a loan, you must remit payment to the Florida Department of Revenue no later than the 20th day of the month following the month your loan is executed. Please visit floridarevenue.com for complete details regarding the tax.
- For more information regarding loans, please visit the Miami-Dade County Web site.