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Anchor Glass to lay off 150 people, cut production

August 13th, 2018 | Leave a comment.

Anchor Glass is cutting half of its Georgia workforce, citing a decline in demand for its products.

The company said its plant in Warner Robins is laying off 150 people when the facility shuts down one of its two furnaces in October. The furnaces create bottles for beer and other beverages.

Source – The Associated Press

What you need to know!

Anchor Glass Container Corporation Hourly Employees’ Supplemental Retirement Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 61.  For the average 401k participant, the 23 point difference between this plan’s BrightScope Rating (61) and the top rated plan (84) could equate to 12 years of additional work and/or $88,965 in lost savings.

One of the key concerns is that the plan only has 30 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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