YMBlue32,
You can roll funds from your old 401(k) provider to a current 401(k) plan, but only if your current plan allows outside rollovers. Not all plans do, so you would need to check the Summary Plan Description for the current 401(k) plan.
As to whether you should do the rollover, there are a few issues here. First of all, it's worth noting that regardless of whether you can roll over to your new 401(k) plan, you can ALWAYS roll the money over to an individual IRA of your own. In general, individual IRAs tend to offer more investment flexibility, and lower costs (at least, on average), so you may consider just rolling over to an IRA (even if your 401(k) would allow you to roll over to the new plan).
Secondly, you mentioned realizing losses. Remember that with a 401(k) plan (or an IRA), you never get to claim any kind of tax deduction for realizing losses. The tax "benefit" is simply that if there's less in the account (because of losses), you won't have to pay taxes on that money in the future, because you only have to pay taxes on the money that actually comes OUT of the 401(k) or IRA to be spent.
In the meantime, like it or not, the investments that have declined in value have declined, and your account balance is what it is. So it doesn't really matter for investment purposes if you keep the money where it is, or "realize" the losses and move the money somewhere else. The only thing that matters is what you are currently invested in, and what you would be invested in after the transfer. Anything you buy after you transfer the money can recover just the same as anything you own now, and depending on the investment choices may even have better prospects going forward.
So I would encourage you to go ahead and do the rollover if you want to get the money out of the old plan. Your new 401(k) is an option, but getting started with your own IRA may be a good idea as well. And whatever you do, make sure you evaluate what you're going to invest IN once you move the money wherever it goes.
I hope that helps a little!
