A provision of the IRA law enabling persons receiving lump-sum payments from their company's pension or profit-sharing plan due to retirement or other termination of employment to roll the amount over, tax-free, into an IRA investment plan within 60 days.
A payment of the entire amount of retirement benefits due at one time rather than in installments.
Rollover refers to replacing a loan or debt with another or changing the institution that invests one's pension plan, without recognition of taxable income.
