Is it possible to transfer money from my 401k account to an IRA account while I am still employed at the 401k plan provider? I am not very happy with the investment options available in my 401k.

Generally, no. There are only certain events that trigger the availability of a distribution, such as retirement, disability, or termination of employment. As an exception to the general rule, some plans do allow in-service distributions. You should review your Summary Plan Description to determine under what circumstances a distribution would be available to you.

Perhaps you can exert some influence with the trustee(s) to obtain investment options more to your liking.

Your question is similar to my predicament. I am dissatisfied with my 401K and plan to reduce my contribution to 1%, then take the rest (post tax) to Roth IRA. The existing funds in my 401K will be driven into just the bonds that are performing decently. My challenge will be to select the right funds for my Roth IRA. With retirement only 15 years away, I need to make the right choices fast. Anyone out there with advice as to my plan of attack?

Quick thoughts:

Performing decently now does not mean they will perform decently in the future. What if interest rates rise? Then your plan is in the crapper.

Regarding your 401(k), is there a match? If so, you need to contribute enough to get the maximum match.

If anyone could tell you the right funds to pick, then we would be sitting around counting our money. Diverisify!