General Dynamics Information Technology-CSRA to lay off 101 employees
CHESAPEAKE, Va. – A large layoff will be happening at General Dynamics Information Technology-CSRA, located in Chesapeake.
101 employees will lose their positions, according to the Virginia Employment Commission.
A layoff warning was released July 31st, with an impact date of September 30, 2018.
Source – News 3
What you need to know!
General Dynamics Corporation 401k Plan 4.5 is a defined contribution plan with a profit-sharing component, stock bonus component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 82. For the average 401k participant, the 8 point difference between this plan’s BrightScope Rating (82) and the top rated plan (90) could equate to 7 years of additional work.
One of the key concerns is that the plan only has 47 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