My client is about to retire. Although he is unable to take his pension in a lump as he would like, one of his options is to take a five-year term certain payout. One of his co-workers told him that after a lot of research he had come to the conclusion that if the pension were paid out in less than 60 months, each of the monthly installments could be put into an IRA and treated as a rollover. This would mean no tax on the pension payouts, no overfunding of an IRA. In effect, it would be an installment rollover. I think his co-worker is absolutely wrong. Could he possibly be right?