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DST Systems announces large layoffs

July 9th, 2018 | Leave a comment.

DST Systems Inc. announced that it will lay off 6 percent of its worldwide workforce. The cuts come two months after the Kansas City-based financial tech company sold to SS&C Technologies Holdings Inc.

That would suggest that roughly 850 people would be laid off. DST also laid off its workers without hiring an outplacement firm. An outplacement firm could help displaced employees write resumes, practice for job interviews and look for work in related fields. It also could have been a point of contact for other employers interested in displaced DST employees’.

“DST is not using an outplacement service. There’s really not a way for these employees to connect with employers otherwise,” Palm said. The somewhat disturbing issue for Kansas City is why DST hasn’t been active in the effort to relocate its former employees, particularly with other firms in the area.

Career Financial Transitions offers workshops and webinars to help Laid Off employee’s with many financial aspects of a Career Transition through Baker University and online.

Learn More Here

Source – Kansas City Business Journal & Kansas City Star


DST Systems, Inc. 401k Profit Sharing Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 58.

For the average 401k participant, the 31 point difference between this plan’s BrightScope Rating (58) and the top rated plan (89) could equate to 19 years of additional work and/or $195,533 in lost savings.
The plans administrator is Greg Givens and is handled in Kansas City, Missouri.  The recordkeeper is OneAmerica Securities.
One of the key concerns is that the plan only has 14 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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