When an employee leaves a for-profit company that has maintained a 401-K plan, they typically have the option to leave the money with the plan at the former employer and or transfer the funds to a new employer 401-K Plan or in the alternative, roll the funds over to an IRA rollover in the name of the employee. The actual rollover itself can be made to any local bank that handles IRA accounts or can be transferred into new account at brokerage firms such as Fidelity and/or Vanguard which would then allow the employee to make individual investment decisions on their own. I hope this helps and good luck
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