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Mattel is cutting 22% of its non-manufacturing workforce

August 2nd, 2018 | Leave a comment.

Sad about the recent demise of Toys “R” Us? So is Mattel.

The New York-based toy manufacturer lost more than $240 million last quarter, more than quadrupling its loss from the same three months of 2017. It blamed the liquidation of Toys “R” Us for a 14% drop in net sales.

But you may want to save your sympathy for the company’s employees. More than 2,200 of them, representing 22% of Mattel’s non-manufacturing workforce, are being let go, the company said.

Source – Quartz at Work

What you need to know!

Mattel, Inc. Personal Investment Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 79.

For the average 401k participant, the 14 point difference between this plan’s BrightScope Rating (79) and the top rated plan (93) could equate to:  11 years of additional work and/or $93,382 in lost savings.
The plans administrator is Bill Whitman and is handled in El Segundo, CA.  The corporate trustees are Barclays Capital and Blackrock, Inc.
One of the key concerns is that the plan only has 22 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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