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I currently participate in a company 403b retirement account. this is NOT a managed account, so I choose my distributions and when to buy/sell shares.

Recently our company decided that they would no longer offer certain mutual funds and would offer new funds in their place. As part of this change, the company is forcing it's employees to sell all current shares of the discontinued mutual fund.

i understand it is the companies right to discontinue a fund but I did not think the company had the ability to force me to sell my existing shares. I thought it was up to me to manage my existing funds and decided when it is in my best interest to sell.

Is there any legal statue that allows my company to act on my behalf to sell these mutual funds?
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