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I would transfer the money into a rollover IRA directly with a fund family such as Vanguard.

Good advice. With Vanguard, a brokerage account will allow you to buy Vanguard and a choice of many non-Vanguard funds, as well as stocks.

I have such an account, as well as with Fidelity and TD Waterhouse. All have reasonable commissions for stocks, and transactions online are as instantaneous as you could wish.

However, Vanguard can't be beat for expense ratios of its own funds.

Cheers and good luck!
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