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In theory you can take distributions from the 401k plan penalty free after age 55 and also roll over aportion into an IRA.
I say in theory because it all depends on what type of distributions are allowed under your Plan. Your Plan may limit distributions to lump sum only. If thats the case, you'll have to take it all as a payment payable to you or all as a rollover to an IRA. The age 55 exception does not apply to IRAs.
Your Plan might offer lump sum distributions and allow for 2 seperate checks to be issued. In this case, you can take a portion payable to you and a portion payable to your IRA.
If your company only allows for lump sum distribuions, then the age 55 exception will be a one time event and you wont be able to spread out the distributions.
Check with your Plan Administrator, to see what type of withdrawal options are available under the Plan. Then double check what they tell you by referring to the Plan document. Remember, once the money hits the IRA, you lose the age 55 exception. Then IRA withdrawal rules apply.
Good luck.

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