Go to your HR tomorrow and ask them if you can move your 401k to another location of your choosing, Be prepared for a surprise, They don't want you to move it.Ask yourself why that could be?
Most places offering 401ks also offer several different mutual funds in which people can invest their 401K funds and are able to diversify within those — the companies can’t provide everyone with a different set of investment options. If you are already over 59 1/2 or left the company, THEN you can usually roll over your 401K into a Rollover IRA, where you can invest it as you choose, at a brokerage firm or mutual fund family of your choice.
Mentioning Enron is ridiculous — people who were stupid enough to have all their retirement savings in one stock — Enron, indeed lost all their money — but people who had their 401k investment in different mutual funds offered by the company through a fiduciary, were not impacted.
All financial advisors always tell everyone to diversify.
Also — I think the way 401k-s are set up is that legally you cannot take control of it.
Also — nobody forces anyone to invest in a 401K.
I think Ann Barnhardt’s advise is unreasonable and unfeasible and also against the defined 401K rules.
Then roll your 401K into a brokerage IRA, where you can buy and sell with the click of a mouse.
This may or may not involve bridge burning. YMMV.
So at best, it is partial not the full amount. Correct me if I am wrong, but the ony way out of a 401k, as an active employee is to stop contributing, or leave the firm and proceed with a Rollover. Retired early, access before 59 & 1/2 by rule 72T aka SEPP is another matter for another day...
I don't know where Ann is going with this, but HR might start thinking your a crank if you start trying things here. Tangent to this, their have been very well informed employees have approached HR and have pursuaded them to offer more investment options and or change providers ( lower cost no load etc ), but these are rare bears for sure...