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General Dynamics to cut jobs

March 20th, 2018 | Leave a comment.

General Dynamics Information Technology will conduct another round of job cuts at its call center in Coralville.

GDIT, a division of Virginia-based defense company General Dynamics, confirmed that it will lay off employees at its call center in the 2400 block of Oakdale Boulevard.

About 150 employees will be laid off and the reductions will take place later this year, the company said.

Source – The Gazette

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: 6 additional years of work and $32,161 in lost savings.
The corporate trustee, administration & record keeper is Fidelity.  The investment advisor is Strategic Advisors.
One of the key concerns is that the plan only has 47 investment options which is better than average for most 401k type plans.

 Most 401k, Profit Sharing or ESOP plans do not have active management so there is really no one guiding the plan investments. What this means is that like most traditional investment companies, in the event of a severe 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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