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Layoffs announced at General Electric in Schenectady

August 13th, 2018 | Leave a comment.

SCHENECTADY — General Electric on Tuesday further reduced a workforce that has seen repeated layoffs over the past two years, cutting 225 jobs.

The layoffs will affect about 200 hourly production employees — about 5 percent of the workforce — at the sprawling main campus, which looms over Interstate-890 at the end of Erie Boulevard. In addition, about 25 vacant positions won’t be filled.

Source – The Daily Gazette

What you need to know!

GE Retirement Savings Plan is a defined contribution plan with a profit-sharing component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 83.  

For the average 401k participant, the 7 point difference between this plan’s BrightScope Rating (83) and the top rated plan (90) could equate to 5 years of additional work and/or $19,156 in lost savings.
The plans administrator is Denise Faggella and is handled in Boston, MA.
One of the key concerns is that the plan only has 16 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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