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Royal Caribbean to cut 700 jobs in Springfield by end of 2019

September 18th, 2018 | Leave a comment.

SPRINGFIELD, Ore. – An employee of Royal Caribbean says the staff has been told 700 jobs will be cut at the company’s Springfield call center, confirming an account by a maritime lawyer citing anonymous sources.
Another person whose employment at the call center has been confirmed came forward Wednesday and said the staff was told 700 jobs would be eliminated by the end of 2019.

A third person claiming to be a current employee said some of the Springfield employees were used to train workers in Jamaica in April “only to realize now that they trained their own replacements.”

The sources have asked not to be identified for fear of repercussions at work.

Source – KVAL 13 – Eugene, Oregon

Royal Caribbean Cruises Ltd. Retirement Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 68.  For the average 401k participant, the 25 point difference between this plan’s BrightScope Rating (68) and the top rated plan (93) could equate to:  17 additional years of work and/or $116, 734 in lost savings.

The plans administrator is Joseph Wieneke and is handled in Miami, FL. The Recordkeeper is Milliman, Inc.

One of the key concerns is that the plan only has 27 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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