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I know someone who is in a company that sold off a division to become a new entity. I was wandering if there might be a way for the employees to get their 401k monies rolled over into a self-directed IRA. I was told that any time a 401k plan was terminated, or people were terminated from the plan, they had the right to roll their monies into an IRA.

Does anyone have any idea how to go about doing this?

The company does not want to let their employees get at the monies and instead created a new 401k plan in the new entity.

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