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Nearly 600 Wells Fargo employees face layoffs in Winterville

April 24th, 2018 | Leave a comment.

WINTERVILLE — Wells Fargo will layoff 593 employees at its Winterville service center at 1451 Thomas Langston Road, according to a filing with the N.C. Department of Commerce.

The notice said affected employees may receive a formal, written notice between June 21 and Oct. 18.

Source – North Carolina Business News Wire — April 19, 2018

Wells Fargo & Company 401k Plan is a defined contribution plan with a profit-sharing component, 401k feature, and leveraged ESOP component. This plan has a BrightScope Rating of 80.
For the average 401k participant, the 7 point difference between this plan’s BrightScope Rating (80) and the top rated plan (87) could equate to:  5 years of additional work and/or $57,548 in lost savings.
The plans administrator is Cara Peck and is handled in Des Moines, Iowa.
One of the key concerns is that the plan only has 22 investment options to choose from which is commons for most 401k type plans.

Most 401k, Profit Sharing or ESOP plans do not have active management so there is really no one specifically guiding the plan investments. What this means is that like most traditional investment companies, in the event of a severe downturn the investment advisors have no method for moving to a lower risk profile automatically.

With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a potential 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

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