Roche’s Genentech to cut 223 jobs in California
Genentech, a subsidiary of Swiss pharma giant Roche, is slashing 223 jobs from its headquarters in California, according to a recent WARN notice.
Source – Beckers Hospital Review
U.S. Roche 401k Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 87.
For the average 401k participant, the 3 point difference between this plan’s BrightScope Rating (87) and the top rated plan (90) could equate to 3 additional years of work.
The plan’s administrator is David Mcdede and is handled in San Francisco, CA. and the recordkeeper is Fidelity.
One of the key concerns is that the plan only has 20 investment options.
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