GM Lordstown Plant – Up to 1,500 Layoffs
LORDSTOWN, Ohio (AP) — General Motors says it will eliminate a production shift at its Chevy Cruze manufacturing plant in Ohio that could cost as many as 1,500 jobs.
The automaker says it will cut second shift operations at its Lordstown factory outside Cleveland by the end of June.
Source – 13ABC
General Motors Retirement Savings Plan for Salaried Employees in the United States is a defined contribution plan with a 401k feature. This plan has a BrightScope Rating of 87.
For the average 401k participant, the 3 point difference between this plan’s BrightScope Rating (87) and the top rated plan (90) could equate to: 2 years of additional work and/or $58,631 in lost savings.
The plans administrator is Kevin Cobb and is handled in Detroit, Michigan.
One of the key concerns is that the plan only has 33 investment options to choose from which is commons for most 401k type plans.
Most 401k, Profit Sharing or ESOP plans do not have active management so there is really no one specifically guiding the plan investments. What this means is that like most traditional investment companies, in the event of a severe downturn the investment advisors have no method for moving to a lower risk profile automatically.
With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a potential severe 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