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General Mills Lays Off More Than 600 Employees

July 17th, 2018 | Leave a comment.

Twin Cities-based General Mills is in the process of laying off more than 600 employees. The company said most of the layoffs had already happened.

The move impacts around 625 employees, and General Mills will incur around $55 million in net expenses.

The company expects the process to be completed by the end of the 2019 fiscal year.

Source – ABC Eyewitness News


What you need to know!

General Mills 401k Plan is a defined contribution plan with a profit-sharing component, stock bonus component, 401k feature, and leveraged 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/or $17,559 in lost savings.
The plans administrator is Ronald Drayton and is handled in Minneapolis, MN.  The recordkeeper is Aon Hewitt.
One of the key concerns is that the plan only has 36 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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