I tried to scroll through the most rec'd posts to see if I could find anything on this topic if it has already been addressed, but since I couldn't I guess I'll ask it myself.

I saw somewhere and then did some Googling that it is theoretically possible to rollover funds from a current active employer 401k into an IRA. It is not something I had even considered as a possibility, and for me it most likely isn't, but I'd like to get some input on it anyway. I'll actually call Wells Fargo later too, but figured it'd be easier to start with some TMF input. :)

I'm only 36, and I currently have a sizable amount in my company's 401k. I've been with the same company for 13 years now, so I don't have a "former employer 401k".
Now that I've gotten myself started in stocks with joining MDP, and contemplating the new SN, I need funds to truly make decent portfolios in them. And with my current available cash and future monthly available for ongoing contributions for investing, it most likely won't be cost effective to be part of both services.
But if I can somehow transfer most (if not all) of the current balance of my 401k into an IRA, then I would be able to manage the balance myself with my own chosen stocks. And I won't be dependent on the few choices within the 401k, of which I am getting very little return from.
The 401k would therefore remain open & active for my ongoing payroll contributions, but any amount of the balance that is currently in there that I can transfer to an IRA would be extremely beneficial to me.

But, is there ANY options available to someone like me to be able to do this? If it's even possible, what are the various types of penalties or other such things I might have to deal with? As long as the penalties are small enough for me, it may be worth it in order to get the money into an account where I have full control over which stocks it is invested in by following my chosen TMF portfolio plan.

-HAK-
Truly hoping that there is actually away to get a good chunk of his 401k into an IRA (either Roth or Traditional) for following a TMF portfolio.