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Mylan Pharmaceuticals Laying Off 500

April 26th, 2018 | Leave a comment.

Mylan Pharmaceuticals will be laying off 500 workers at the Morgantown, West Virginia location.  A Mylan representative said the company is laying off 15 percent of workers, mainly in the Operations department.  Layoffs are effective immediately.

Source – 5 News WDTV

Mylan Pharmaceuticals, Inc. 401k Defined Contribution Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 69.

For the average 401k participant, the 21 point difference between this plan’s BrightScope Rating (69) and the top rated plan (90) could equate to:  14 years of additional work and/or $%1,509 in lost savings.
The plans administrator is Eric Westbrook and is handled in Canonsburg, Pennsylvania.  The recordkeeper is Bank of America Merrill Lynch.
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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