Re: 401K forced rollover?

On Apr 17, 3:06 pm, Sara Brown <SaraTGi...@[EMAIL PROTECTED]
> wrote:
> My company was recently sold and we were assured (Verbally)
> that we would have the option of either cashing out our 401K
> accounts or rolling them over into the new company.

Nothing conveyed orally is legally binding, unless you are
majority stockholder (or in class that comprises a majority)
and you can demonstrate in a court of law that your vote
on the sale depended on such oral assurances.  (Not
likely!)


> But now they are saying they have sold our 401K to the
> new company..I didn`t want this at all.

So what would you have done differently -- that you cannot
do now -- if they had told you from the get-go that the
401(k) would go to the new company?


> This doesn`t sound legal to me..Do I have ANY recourse?

This sounds like a legal question, not a financial planning
question.  You should post your inquiry to
misc.legal.moderated.  But I'm sure I can tell what the
responses will be:  (a) the devil is the details, which your
posting here is sorely lacking; and (b) if it really matters
to you financially, don't rely on the anonymous/unreliable
newsgroup for advice.  Run, don't walk, to a labor attorney
who can tell you what your rights are.

Of course, the "simple" answer is:  quit!  Then you can
do whatever you want with the 401(k).

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