LAYOFFS ANNOUNCED AT PHILLIPS 66
Bartlesville, Okla. – Dozens of layoffs are announced for Phillips 66 employees.
We’re told the number is less than 100, mostly in Houston and Bartlesville.
Source – KRMG News Radio
What you need to know!
Phillips 66 Savings Plan is a defined contribution plan with a profit-sharing component, stock bonus component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 87.
The plans administrator is Alex Shabet and is handled in Houston, TX. Vanguard is the investment advisor and recordkeeper.
One of the key concerns is also that the plan only has 45 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