When companies buy divisions 401K handling? Does PLR 200036048 apply

[Guest Almost55]

I work for a large high tech company. My division ( about 600 people ) is being bought by a 3rd party equity company. We will lose our jobs here and have a job at the acquiring company. I understand that our 401K plans will be directly transferred to the new company's 401K plans.

Some of my co-workers are upset. They feel that this is a 'distribution precipitating' event and they should be able to choose the destination of their balances.

I have turned the code, ruling and regs over and can't figure out how my company is able to perform such a transfer without my consent.

One co-worker indicated that their financial planner said a private letter ruling by the IRS last fall ( 200036048) should be plenty of evidence to our company ( which is virtually identical ) that distributions/rollovers etc. are available to us.

What do you think?