Heritage Home Group cutting more than 700 jobs
LENOIR, N.C. — Hundreds of people in Lenoir are facing layoffs.
- Heritage Home Group is cutting 700 jobs in Lenoir.
- The company is based in High Point.
- A time frame for the layoffs hasn’t been given.
High Point-based Heritage Home Group is cutting more than 700 jobs at its upholstery facilities in Lenoir.
“This is a small community. This used to be the furniture capital of the world and now not so much. There are a few decent paying jobs that a few people will be able to absorb, but by and large it’s going to take time,” employee Chuck Gore said.
The company released a statement saying the layoffs come as the company tries to find buyers for its Thomasville and Company and Broyhill businesses.
Source – Spectrum News Charlotte
Heritage Home Group, LLC 401k Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 52. For the average 401k participant, the 36 point difference between this plan’s BrightScope Rating (52) and the top rated plan (88) could equate to: 18 additional years of work and/or $232,940 in lost savings.
The plans administrator is Christopher Litras and is handled in High Point, NC. The Corporate Trustee is and the Recordkeeper is Mercer (Marsh and McLennan).
One of the key concerns is that the plan only has 19 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