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CSX Layoffs – What’s Coming and What You Should do NOW!

Thousands more job cuts are coming at CSX, the railroad’s managers told investors in New York last week.

With a workforce most recently noted as being around 29,000, the company says it is aiming to have a workforce of only 21,000 employees by the end of 2020.

What you need to know!

(from BrightScope)  CSX Corporation 401k Plan is a defined contribution plan with a profit-sharing component, 401k feature, and ESOP component. This plan has a rating of 79. CSX Corporation 401k Plan currently has over 6,900 active participants and over $1.2B in plan assets.

That being said, the rating of 79 versus a top rating of 93 could equate to 11 additional years of work and or over $105,788 in lost savings.

The plans administrator is Michelle Mullen and is handled in Jacksonville , Florida. The Corporate Trustee is Northern Trust and the Recordkeeper is Empower. The plans have multiple investment advisors.

One of the key concerns is also 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 is really no one specifically guiding the plan investments. What this means is that like most traditional investment companies, in the event of a severe downturn the investment advisors have no method for moving to a lower risk profile automatically.

This has been a severe problem for retirees for years!

With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a potential 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

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