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CERNER’S ‘TRANSFORMATION’ WORK CONTINUES WITH MORE LAYOFFS IN KANSAS CITY, ACROSS THE COUNTRY

August 26th, 2020 | Leave a comment.

Cerner Corp. will cut 100 positions, including about 50 in the Kansas City area, in a third round of layoffs for the healthcare IT firm. The local cuts affect multiple departments, a spokesperson said. They follow September layoffs of 255 Cerner employees and November layoffs of 130 workers.

Source – KansasCity.com

What you need to know!

Cerner Corporation Foundations Retirement Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 77. This plan is in the top 15% of plans for Total Plan Cost. Cerner Corporation Foundations Retirement Plan currently has over 26,600 active participants and over $2.1B in plan assets.

That being said, the rating of 77 versus a top rating of 93 could equate to 12 additional years of work and or over $131,605 in lost savings.

The plans administrator is Marc Naughton and is handled in North Kansas City, Missouri. The Recordkeeper is Fidelity.

One of the key concerns is that the plan only has 28 investment options which is common for most 401k type plans.

Most 401k, Profit Sharing or ESOP plans do not have active management so there really is no one guiding the plan investments. What this means is that like most traditional investment companies, in the event of an economic downturn there is no method for automatically moving your portfolio to a lower risk profile. 

With the WealthSentry system we participate in, accounts are automatically re-balanced to lower risk in the event of a severe economic 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

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