The company for which I work outsources it's HR and payroll. My benefits and 401k are managed and provided by them. I technically am an employee of that company.Well, the boss has decided to change HR/payroll companies. My concern is some of the things they are telling us about our 401k and I want to verify it.I know that if you quit a company, you typically get the option to either cash out and pay taxes and penalties, roll over to a self-directed IRA or roll over to the new 401k at a new job. Aparently in my case, I don't get an option. It all is moving to new 401k (which I might add I don't care for too much).Here are some buzz words floating around that may help explain the situation: we are currently in a "multi-employer" plan; and the plan is a "non-distributive" plan with my company being a "co-sponsor". If I were to retire and they are "non-distributive" then how do get distributions?That is all I know. Can someone please put this into English? Do I or should I have an option of what to do with my 401k? It seems like I should have the right to do with it what I would like instead of being told what is going to happen with it?Maybe I should just quit on Friday and be rehired on Monday (The change is official as of May 1)?
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