I want to take funds out of my current 401a plan to manage on my own in a traditional IRA. Can I do that by using the 60 day rollover allowance? I would still be contributing to the 401a, but I want to move funds out of it to manage on my own. Also, I am over 59 1/2 if that matters. Thanks for any help.

Please clarify something - when you say 401(a) plan do you mean an employer-only contribution plan, such as a profit-sharing plan or an employee stock ownership plan? Just curious.

I doubt that you are allowed to roll over some (or all) of your account to a rollover IRA while still an active employee. But to be sure, contact your benefits department or the plan administrator and ask what the rules are. It would be best if they could make a direct rollover to the IRA for you - that way you won't have the complication of having to come up with the 20% withholding they'll take if they cut the check to you. For example, if you withdraw $1000 they would withhold $200 for taxes and give you a check for $800, but you'll have to fund the IRA $1000 and wait for a tax refund of the $200 next April.