Is it possible to rollover funds into a traditional IRA even if you are still employed at the company funding the plan?The law does not prohibit it, but almost all 401(k) plans do not allow it.Once separated from service, you can roll it into a "rollover IRA" (a Traidtional IRA funded with money transferred there from a 401(k), 403(b), or similar plan). If you do this, arrange for a "custodian-to-custodian transfer" so you won't have to worry about any 20% withholding.If you are taking a "leave of absence" from your current employer instead of quitting, I don't know how that would affect your ability to transfer your 401(k) to an IRA.
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