The company I work for is being bought out. We have just been told that we won't be able to roll our 401k over to an IRA, but will have to roll it into the new companies 401k plan.

Is this correct/legal. The new company's plan is horrible to say the least.

ETA: They company doing the buying bought 100% of our companies stock. However, we are not remaining employees of the old company, and are completing paper work to become employees of the new company.

This post was edited on 3/21/11 at 4:10 pm

4 ...

Report Post

Posted by Broke

AKA Buttercup

Member since Sep 2006

65050 posts

Posted on 3/21/11 at 4:22 pm to LSU0358

quote:
The company I work for is being bought out. We have just been told that we won't be able to roll our 401k over to an IRA, but will have to roll it into the new companies 401k plan.

I don't think they can do that. You can do whatever you want after the blackout period.

1 ...

Report Post

Posted by SG_Geaux

Beautiful St George

Member since Aug 2004

78078 posts

Posted on 3/21/11 at 4:59 pm to LSU0358

quote:
We have just been told that we won't be able to roll our 401k over to an IRA, but will have to roll it into the new companies 401k plan.

Sounds like bullshite to me

0 ...

Report Post

Posted by LSUDad

Still on the move

Member since May 2004

58886 posts

Posted on 3/21/11 at 5:29 pm to LSU0358

I think you would be able to do a rollover. Did the company contribute (A %) any to this account?

0 ...

Report Post

Posted by adavis

North of I-10

Member since Aug 2007

5749 posts

Posted on 3/21/11 at 5:47 pm to LSU0358

quote:
Sounds like bullshite to me

It is. Don't let them tell you what to do with your money. You've always got the option to move your IRA. Of course, you're not going to get those matching funds $$$$'s, but it's YOUR money. You can put it wherever you want.

1 ...

Report Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board