I worked for a company that was sold to another company last year. Now they are announcing that we will have a new 401(k) plan, with more options and greater matching percentage. Yay! However, I would much rather transfer my old 401(k) money to a self-directed ira where i could invest more Foolishly.

Can I remove the money since I have a new employer and the old 401(k) will no longer exist? Our benefits director said "no" and that all the old 401(k) mutual funds would be mapped to the corresponding new mutual funds (i.e. Fidelity Magellan --> T Rowe Price Blue Chip.)