Daer XXXXX,
You would have to check your plan documents to see if your particular plan has time limit for withdrawing and rollilng over your account after termination of the job.
Other than that, you have 60 days after you take the distribution to roll it over into another qualified retirment account including an IRA to avoid penalties.
You need to set up the rollover account first and then work with the plan administrator to make sure they treat the distribution as a rollover. ELSE, they will charge the penalty anyway, and you will have to take credit at tax time and be made whole through the end of year tax filing process.
HR & Business Operati&ons C&onsultant
Central Michigan University, MSA Candidate; Global Compensation Operations Mngr; AA Degree Lib Arts