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Glaxo laying off 100 at Philadelphia offices

September 18th, 2018 | Leave a comment.

GlaxoSmithKline is laying off 550 people in its U.S. commercial pharmaceuticals business, including breathing drugs such as Anoro, and its vaccines business.

A trade journal reported Glaxo is also laying off around 100 in the Research Triangle area of North Carolina, another major U.S. employment center for the company.

Source – Daily News

Stiefel Laboratories, Inc. Retirement Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 87.

For the average 401k participant, the 48 point difference between this plan’s BrightScope Rating (41) and the top rated plan (89) could equate to:  6 additional years of work and/or $26,588 in lost savings.
The plans administrator is Ricardo Deoliveira and is handled in Philadelphia, PA. The investment advisor is Financial Engines.
One of the key concerns is that the plan only has 26 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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