My company was bought out. Do I now have the option to move my 401k to an IRA?

My company was bought out and they said our benefits and compensation will stay the same for one year. They did not mention specifically what we can or cannot do with our 401k.

Probably. If the "new" company is a different business entity, then technically you have left one job and begun another (even if you retain your "time-served"), so you should be able to roll-over your "old" 401(k) into an IRA with another brokerage. There are good reasons to do this: you'll likely get a wider selection of investment options. Be very careful, though. The transfer check should be made out to the new brokerage (with "FBO Your Full Name" after it) so that at no time do you personally hold the funds, or you will owe taxes & penalties and lose a chunk of it.

Ask friends and relatives if they have a broker they have worked with and trust....but only ask the ones who are doing well!

good luck

It depends on what the new company has planned. For now you can keep your current 401k. Ask if the new company will still contribute to your current 401k. If not, you can transfer to a rollover IRA which will allow you to contribute on your own and when you're ready to rollover to a new 401k, it ill be good to go. All of the transactions will be a non-taxable events so you won't be tax liable. You will have to report the transactions to the IRS but you won't owe any tax because it is not a distribution.

Generally only if you leave the company.