Nearly 500 Tops employees across NY to be laid off by November
Nearly 500 employees at Tops Friendly Markets stores across New York will be laid off by late November, according to a WARN notice posted to the New York Department of Labor website.
A total of ten grocery stores across the state are slated for closure.
- 2120 West Genesee Street, Westvale
- 4141 South Salina Street, Syracuse
- 710 Lake Avenue, Rochester
- 175 N. Winton Rd., Rochester
- 6720 Pittsford/Palmyra Rd., Fairport
- 33 Forgham Street, Lyons
- 381 Hamilton Street, Geneva
- 909 West 1st Street S., Fulton
- 299 S. Main Street, Elmira
- 622 Lake Flower Ave., Saranac Lake
A total of 492 employees will be laid off. The layoff date is scheduled for Nov. 27.
Source – CNYCentral.com
Tops Markets, LLC 401k Retirement Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 66.
For the average 401k participant, the 20 point difference between this plan’s BrightScope Rating (66) and the top rated plan (86) could equate to: 10 additional years of work and/or $177,930 in lost savings.
The plans administrator is David Prisaznuk and is handled in Depew, NY. The Recordkeeper is Fidelity and the investment advisor is Strategic Advisors.
One of the key concerns is that the plan only has 28 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