Yes, this is permitted.
Bring your plate to your local DMV office and request a receipt.
Will my plate be stored?
If you have a standard plate, it will not be stored.
What will they do with it?
It will be destroyed.  Do you have a standard plate or a custom plate?
I actually have a customized plate.
In that case, it can be stored.
How do I submit my plate?
You must remove plate frames and fasteners as the plate will not be accepted with these attached.
How will I retrieve my plate in the Spring?
You must apply for the reinstatement at the same DMV office that you surrendered your plate.
OK thank you.