My company has just split off the division I work under and set up a new company with 60% owned by an outside investor and 40% owned by the current company.
In all other financial areas, I am now no longer an employee of company A, but an employee of company B. Meaning: for company A I have a termination date, I lost all my outstanding stock options, and I received a final pay check.
However, in regards to the 401K issue, I was told this was a mandatory "roll-over" from Company A 401K to Company B 401K.. therefore leaving me no options that I would have had due to a "termination" situation.. ie: taking the money and placing it in a an account of my preference, whether it be an IRA, etc..
Is this legal? Do I have any options, and if so, how do I proceed.
