Bardstown’s American Greetings to close in 2019
A long-time company in Bardstown, Ky. announced on March 6 it’s closing in early 2019.
American Greetings announced it will close in February of next year. It currently employs about 450 people.1
That facility opened back in 1984 and was responsible for greeting card manufacturing. It has had a series of layoffs, part of it due to the changing demand for greeting cards.
American Greetings Retirement Profit Sharing and Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 76.
For the average 401k participant, the 15 point difference between this plan’s BrightScope Rating (76) and the top rated plan (91) could equate to: 11 additional years of work and $126,164 in lost savings.
The plan’s administrator is Kelley Korte and is located in Cleveland, Ohio. The investment advisor is LPL Financial and the recordkeeper is Vanguard.
One of the key concerns is that the plan only has 22 investment options which is common for most 401k type plans.
Most 401k, Profit Sharing or ESOP plans do not have active management so there is no one guiding the plan’s investments. What this means is in the event of an economic downturn, there is no method for automatically moving your investments to a lower risk profile to protect your hard-earned savings.
With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a severe downturn. Learn more in our guide, 6 Critical Steps You Must Take Now.
For an in depth analysis of your options feel free to make an appointment, read one of our guides or participate in one of our workshops.
Wishing you the best.
Doug Reed, CRPC, AAMS