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First some background:
I am 28 and I have been in my current position for 14 months and participating in my company's 401k since January. In addition, I have a regular IRA mutual fund account with Berger that has a balance of about $2000. My questions are:

1)Can I make contributions to both the IRA and the 401k? Someone told me that it is illegal to keep funding an IRA when you have a 401k. Is this true?

2)I feel that the 401k plan that my company is with, in a word, sucks. I am now contributing 6% of my gross salary to it but I think that I should reduce that to the company match of 3% and use the remaining 3% in alternative investments. Am I restricted as to the kinds of investments I can make?

Sorry for the long post. As you can probably tell, retirement investing is a whole new ball game to me!

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