What’s the difference between ‘Traditional’ and ‘Rollover’ IRA? I am looking to move my old employer 401K to ML IRA account and confused that can’t just open a new IRA account to transfer, i.e. need a specific Rollover IRA account?

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I rollover IRA from a traditional 401k is a traditional IRA. I think most brokerages label any Ira that was moved from another account as a rollover IRA. It

Traditional means pre-tax (you’ll get taxed upon withdrawal) vs Roth which is post tax (you pay tax now and it grows tax free with no taxes at withdrawal).
IRA is a savings vehicle outside of employment at an investment company that you contribute to directly. 401k is an employer sponsored plan also held at an investment company but contributions come from your paycheck and employer contributions, if any.
When you leave an employer you 1) withdraw the funds and keep them (pay taxes and penalties) or 2) roll them into your IRA or your new employer’s 401k.

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