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I would move the old money into an IRA. I prefer to have the money in my name as opposed to the trustee name. Also, you are not limited to any investment options like in a 401(k).
I would continue to put money in the new 401(k) though, so don't get me wrong. 401(k)'s are great, but it sounds like they are disbanding or terminating the old plan (which would be a wierd way to transfer from one 401(k) to another. It sounds like your HR department might not know what they are doing.) so I would move the old assets into an IRA. If you don't want to mess with it, just put it in the new 401(k) though as it requires less work on your part.
By the way Cynthetiq, future matching to a new 401(k) has nothing to do with what you so with the current money in there. If they are terminating the plan, it automatically vests.
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