Our company is getting a new 401k plan. We would like to take what we
have in our old 401k and roll them into an IRA so we can invest it
ourselves. We have been told that we can not do this and the lump sum must
be rolled over into the new plan. Is this true?
Answer: Yes, the information you were provided is correct. The
regulations governing 401k plans do not allow you rollover your assets into
an IRA unless you have terminated employment. So, short of quitting or being
terminated, you will have to keep your funds in the new 401k.
