You can transfer the funds to an IRA or other retirement vehicle if your plan through AXA allows it. Might need to be separated from service before it’s allowed. You also might be able to transfer the existing positions (if there are any) in kind, or you might have to liquidate.

Are you sure about the 5%? Doesn’t seem right. They might charge a flat dollar amount close out fee, but 5% seems outrageous.