our 401k is run by our employing corporation, and includes all of the employees of the seventh-day adventist church (ministers and teachers). we can't trade stocks or do things like a private investor can. not sure of all the regulations, but we pretty much can choose whether to have stocks and bonds that are no risk, medium risk, or higher risk. i've played it pretty safe since i've been in it for the long haul, but i have the option to adjust periodically if i choose.
i'm looking at full retirement in about 10 years so i don't want to do anything too risky. i've endured the mood swings each time, and i'll endure this one.