Harley-Davidson slashes jobs
Motorcycle maker Harley-Davidson said that it would slash jobs and close a plant because of declining motorcycle shipments1.
The company plans to shutter a factory in Kansas City in 2019 and send some of that production to another plant in York, Penn. As part of the overhaul, around 800 jobs in Kansas City will be cut, but 450 will be added in York, Reuters said.
1 Source – Fortune
Harley-Davidson Retirement Savings Plan for Salaried Employees is a defined contribution plan with a 401k feature and ESOP component. This plan has a BrightScope Rating of 84.
For the average 401k participant, the 3 point difference between this plan’s BrightScope Rating (84) and the top rated plan (87) could equate to: 2 years of additional work or $63,428 in lost savings.
The plan’s administrator is Darrell Thomas and is handled in Milwaukee, Wisconsin. The Recordkeeper is Fidelity.
One of the key concerns is also that the plan only has 29 investment options which is common for most 401k type plans.
Most 401k, Profit Sharing or ESOP plans do not have active management so there is no one guiding the plan’s investments. What this means is in the event of an economic downturn, there is no method for automatically moving your investments to a lower risk profile to protect your hard-earned savings.
With the WealthSentry system we participate in, accounts are automatically re-balanced to lower risk portfolios in the event of a 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