They should need to roll over into another IRA product. You can of course roll it over into a product that allows you to track and invest in mutual funds. As far as liquidity you don't want any penalties for early IRA withdrawal. if you are above 59 1/2 you don't have anything to worry about. prior to that there are strict rules as to what is acceptable for using the funds, in other words, you can't use the IRA funds for buying groceries or paying your credit cards off.
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• OK for school
• First-home exemption
• Treatment differs for Roths
• Allowable distributions
• Payment of excessive unreimbursed medical expenses.
Hardship circumstances for penalty-free withdrawals
• Payment of medical insurance premiums while unemployed.
• Total and permanent disability.
• Distribution of account assets to a beneficiary after you die.
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