Loans

Active employees may apply for a loan for any purpose.

To apply for a loan:

  1. You may log on to Account Access using your User ID and Password.
  2. You may download, print and complete the 457 Direct Loan/Refinance Application Packet. The completed form can faxed to ICMA-RC at 1-202-682-6439.

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 ICMA-RC. 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 www.myflorida.com/dor for complete details regarding the tax.
  • For more information regarding loans, please visit the Miami-Dade County Web site.
Miami-Dade County