Speaking in general terms, IRA and 401(k) assets that are distributed and are not rolled to another IRA or eligible retirement plan will be subject to income tax, and may also be subject to an early-withdrawal penalty if you are under age age 59½.
Now, you may be able to change your IRA investment(s), or even transfer your account to another financial institution that offers the types of options you prefer. Check with your financial institution regarding its policies for allowing transfers, as there are some IRA products that require a minimum investment period in order to avoid early termination charges.
If none of these occurs, then you cannot withdraw assets from your 401(k) plan account unless the plan allows for an in-service withdrawal. An in-service withdrawal is one that can occur before you experience a triggering event.
Some 401(k) plans limit in-service withdrawals to certain circumstances. For example, you may be allowed a withdrawal if you need the assets to pay medical expenses or your mortgage or rent. Your plan administrator will be able to explain whether your plan has these provisions and any applicable limitations.
If you do experience a triggering event, you may roll your 401(k) assets into a Traditional IRA or another qualified plan.
You should consult with a competent financial advisor or investment professional before taking action. There is usually a cost associated with any consultation (unless you can get it for free from your employer), but it may be well worth it.
This question was answered by Denise Appleby (Contact Denise)