Re: 401K forced rollover?

"Sara Brown" <SaraTGinMD@[EMAIL PROTECTED]
> wrote
> My company was recently sold and we were assured 
> (Verbally) that we
> would have the option of either ca****ng out our 401K 
> accounts or
> rolling them over into the new company..But now they are 
> saying they
> have sold our 401K to the new company..I didn`t want this 
> at all..They
> are saying there`s nothing we can do as it was in the 
> contract for the
> sale of the company that the 401K was part of the 
> sale..This doesn`t
> sound legal to me..

What part sounds illegal? Yes,they told you one thing and 
then did another. But it's not clear you were harmed. Harm 
is one of the first requirements for a civil lawsuit. Also, 
the requirements for a legal contract have not been met.

I think what you are experiencing here, perhaps for the 
first time, is the one major drawback of a 401(k). Namely, 
the employer gets to call a lot of the shots on them.

It is true you can quit. Then one option you will have is 
rolling over the 401(k) to a Traditional IRA. Also, are you 
near retirement age? Then your options for the 401(k) 
increase too.

It's possible the new company will have better choices in 
its 401(k), too. 

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