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.Retirement Online is the fastest and easiest way to apply for a loan with NYSLRS. Welcome to the Suffolk County Clerk's Office. At one time or another either directly or indirectly, every resident of Suffolk County deals with our office. Your 401(k) plan may allow you to borrow from your account balance. However, you should consider a few things before taking a loan from your 401(k). The Plan is established pursuant to Section 401(a) of the Federal tax law. What you need to do is roll over the money to an IRA account. You can set one up at any local bank, for convenience.