Rent-A-Center Cuts 25% of Its Plano Headquarters Staff
Plano-based Rent-A-Center is cutting 250 jobs at its corporate office, about 25 percent of its headquarters jobs.
The company said it’s still reviewing strategic and financial alternatives, including a sale. It has received offers and the board and its advisers are actively talking with these groups, the company said.
A sale could happen quickly. The board said it will make a decision about a sale in the second quarter.
1 Dallas News
Rent-A-Center, Inc. 401k Retirement Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 52.
The plan’s administrator is Matt Lopez and is handled in Plano, TX. The Corporate Trustee and the Recordkeeper is Intrust Financial Services, Inc.
One of the key concerns is that the plan only has 25 investment options which is common for most 401k type plans.
Most 401k, Profit Sharing or ESOP plans do not have active management so there is no one guiding the plan’s investments. What this means is in the event of an economic downturn, there is no method for automatically moving your investments to a lower risk profile to protect your hard-earned savings.
With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a 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