LabCorp to lay off nearly 200 employees
LabCorp confirmed it will lay off close to 200 employees in the coming months1.
“We’ve tried to be upfront as much as possible, and by November and December last year began informing employees that we would be eliminating positions in 2018,” says Don Von Hagen, vice president of corporate communications.
LabCorp wants to restructure parts of its Spokane operations and send some laboratory functions performed in Spokane to other LabCorp facilities.
1 Journal of Business – March 8th, 2018
*Laboratory Corporation of America Holdings Employees’ Retirement Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 65.
For the average 401k participant, the 25 point difference between this plan’s BrightScope Rating (65) and the top rated plan (90) could equate to: 15 additional years of work and $104,568 in lost savings.
The plans administrator is Inna Teyf and is handled in Burlington, NC.
One of the key concerns is also that the plan only has 23 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, retiree’s 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