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Chicago-based MillerCoors to cut 350 salaried jobs across company by end of next month

September 18th, 2018 | Leave a comment.

Chicago-based MillerCoors plans to cut 350 salaried jobs by the end of next month as part of a restructuring, the company announced. The number of potential layoffs in Chicago isn’t yet known.

About 500 people are employed at the company’s headquarters in the Loop.

Source – Chicago Tribune


MillerCoors LLC Employees’ Retirement and Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 86,  For the average 401k participant, the 4 point difference between this plan’s BrightScope Rating (86) and the top rated plan (90) could equate to:  4 additional years of work.

One of the key concerns is that the plan only has 27 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 portfolios 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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