Instead of a direct rollover, you may instruct your employer to pay your distribution to you in cash and then roll it over yourself into an IRA within 60 days. You won't get the withheld money back until you file your income taxes at the end of the year.
Assets grow income tax deferred.
Current federal income taxes and tax penalties avoided on portion rolled over. Greater choice of investment options. May be eligible to roll over assets to new employer's plan. Amount not rolled over subject to federal income taxes and possible tax penalties. Proceeds must be rolled over within 60 days from receipt of distribution or you will lose tax deferred status on remaining balance.