Asked 10/22/2010
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Can an annuity be forced on you? Work for an insurance company and they tell me on retirement my 402K will be used to purchase an annuity, I thought I had some say on where my 401K went? I wanted a lump sum tomove to a mutual fund company like Fidelity. |
Answer 1/1 - Submitted 10/23/2010
The employer has a choice among 401(k) trustees. Once the trustee is chosen, the employer and trustee can agree what options will be made available to participants as part of the plan.
You as a participant can choose to limit your participation, you cannot decide that you want a fund that isn't offered by your plan.
If you leave your employer, you'll have the option then of moving the funds into either a new employer's 401(k), or into an IRA with someone like Fidelity.
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