Who is eligible for a Plan loan? Any employee who is in active status on payroll who is participating in either the pre-tax 457 or pre-tax.If you have elected to receive a partial or total lump sum distribution from the County of Riverside Part-Time and Temporary. The status of the loan shows as 'Deemed' on the 401k website. The purpose of the letter is to describe why the borrower may not be able to make their mortgage, car loan, or other debt payments. This letter is to inform you that you have been permanently separated from all CalPERS-covered employment. The 401K provider will then deduct the money owed from the loan and send you the balance in the form of a check. Learn how to write an effective hardship letter. Credit Card; Home Equity Lines of Credit (HELOC); Mortgage Loans; Insurance Services; Investments; New Accounts; Notary; Personal Loan. Message and data rates may apply.