My husband works for the state of Alaska and he has no choice in his retirement plan except to invest in the stock market. Money is automaticslly taken out. I’m sure there are companies that do the same thing. The money can’t be taken out unless he quits or retires.
I am not aware of ANY retirement plans that don’t have a bond or cash equivalent option. Failure to offer such an option is a failure of fiduciary responsibility, and probably actionable.