OPT OUT of the entire program- Pay the penalties & the taxes & get off the program completely.
If the company gives you grief——ask them if they will sign a notarized letter stating that THEY will replace any money that NObama & his CZARS take.
Show them a printout of this tread. Maybe they will get some information that will shake them to their core.
They way I understand it, you can’t “cash out” your 401k while you still work for the employer through which you acquired the 401k, even if you take the penalty and tax hit. You can’t even roll the entire amount over into a personal retirement fund (like an IRA) unless you change jobs, or quit the company.
The best you can do is take an “in-service withdrawl” of whatever fraction of your account total your particular 401k plan allows( generally about 25%) and roll it into a personal retirement fund.
Unless I’m wrong, if Obama wants to do this, there seems there’s nothing we can do about the confiscation of at least 75% of our 401ks, short of quitting our jobs, cashing out, and taking the penalty and taxes.