Country Fresh dairy to lay off 103 Michigan workers
LIVONIA, MI — Dairy producer Country Fresh, a brand owned by Dallas-based Dean Foods, announced last week it intends to close its Metro Detroit facility in Livonia and lay off 103 workers.
The Livonia layoffs are expected to begin Aug. 18 and continue through about Sept. 7 at the plant located at 31770 Enterprise in Livonia.
Source – Michigan Live
What you need to know!
Country Fresh, LLC Toledo/Livonia 401k Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 66.
That being said, the rating of 66 versus a top rating of 84 could equate to 9 additional years of work and or over $134,738 in lost savings.
The plans administrator is Jose Motta and is handled in Dallas, TX. The recordkeeper is Principal Financial.
One of the key concerns is that the plan only has 16 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