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Could you please help this Fool-in-Training?

I currently have $100,000 in a former employer's 401k program. My former employer is merging with another company and I have until May 1 to move my money to an IRA. Any suggestions as to how I should invest my 401k money? Are *ptui* mutual funds my only IRA option? I don't want to take a big tax hit by not rolling the money into another tax-deferred plan.

Also, I work at a university and can contribute to their 403b plan. There is no company matching. Should I participate, and if so, to what extent? Should I choose a Foolish index fund?

I make about $45,000 per year and my husband makes about $38,000. Our only debts are our mortgage and a three year car payment. We have a six month old son. Our investment goals are for retirement savings and a college education for our son.

Any advice for this Apprentice Fool would be GREATLY appreciated. Thank you.
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