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Devon to lay off 300 employees

April 16th, 2018 | Leave a comment.

OKLAHOMA CITY – Devon Energy Corp. confirmed April 10th, 2018 it will lay off 300 employees.

The layoffs will affect all the company’s business segments and will happen over the course of the coming weeks. More information could not be provided on where the affected employees are located or when the layoffs will begin or end.

Source – The Journal Record

Devon Energy Corporation Incentive Savings Plan is a defined contribution plan with a 401k feature. This plan has a BrightScope Rating of 87.

For the average 401k participant, the 4 point difference between this plan’s BrightScope Rating (87) and the top rated plan (91) could equate to: 3 years of additional work and/or $80, 804 in lost savings.
The plans administrator is Tana Cashion and is handled in Oklahoma, City, Oklahoma.  The corporate trustee is BlackRock, the recordkeeper is Fidelity and the investment manager is Strategic Investors.
One of the key concerns is that the plan only has 19 investment options to choose from which is commons 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.

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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