Raytheon Cuts 8,000 Jobs
Due to the adverse impact of COVID-19 on the aviation business, Raytheon Technologies Corp, cut about 8,000 jobs in its commercial aviation business, as reported by Bloomberg News.
In a conference call on July 28 with analysts, CEO Greg Hays said that the impact of the virus was “ a lot worse” than was originally projected, according to Bloomberg.
Source – IndustryWeek
What You Need To Know!
Raytheon Savings and Investment Plan is a defined contribution plan with a 401k feature and ESOP component. This plan has a BrightScope Rating of 85. This plan is in the top 15% of plans for Account Balances, Company Generosity, Salary Deferral, and Total Plan Cost. Raytheon Savings and Investment Plan currently has over 88,000 active participants and over $17.2B in plan assets.
That being said, the rating of 85 versus a top rating of 93 could equate to 6 additional years of work and or over $39,876 in lost savings.
The plans administrator is Kelly B. Lappin and is handled in Waltham, MA. The investment advisor is Financial Engines and the recordkeeper is Fidelity.
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