A broker called me to discuss my 401K investments that were made while I worked at a company that was recently acquired by another. The discussion is about rolling those investments from where they currently are into other (IRA) investments.
I asked if I could invest in the same funds that they are in now (I am very happy with their performance) and he said no, they are closed funds.
I asked him how long I had to make my decision, and he seemed to say there is no strict limit and the funds will remain invested as they are until I move them. He didn't go so far as to say I could leave them there indefinitely.
This leaves me confused, because I was initially under the impression that I am required to move the investments, but on the other hand, it seems like I can leave them there for as long as I want with no negative effect.
For what it's worth, the broker is from the same brokerage that manages other accounts for me. I'm assuming that this is a coincidence. He indicated that the activity he is calling about is separate from activity for my other accounts and he would have to call my accounts manager to put any changes of this 401K into effect, and the processing could take a few days.
Is there any requirement that I take any action? Or can I just leave the investments as they are? Is there a downside to leaving them as they are?