The company I work for was sold on 10/01/06. The previous employer did not give me an option of what to do with my 401K. They did a direct rollover into my new employer's plan. Should I have had an option of what to do with my money??
Typically you get "access" top 401k monies if you leave your employer. Getting bought out MIGHT allow you to rollover into an IRA (I think we were given this choice when my company was bought out 5+ years ago).
If you chose to "withdraw" the money, there will be a 10% penalty, and taxes levied (25%?) after that on the withdraw... unless you are of retirement age.
Is the new 401k worse than the old one?
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