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Asked 5/16/2009

401k funds moved from Money Market to Stock Fund at direction of Ex-Employer.

I was laid off in 2007. I had my 401k invested in the "default" Money Market Fund.
In 2008 my old Employer changed the "default" investment to a Stock Fund.
The investment company moved my funds to the Stock Fund. Losses are in the 30% range.
Since I was no longer an employee, was the movement of my funds legal?

 
 
 
 
 
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