S.C. Johnson To Cut 300 To 400 Jobs
Global cleaning products manufacturer S.C. Johnson has announced that they are eliminating between 300 to 400 jobs both in the Racine, WI area and globally.
There’s no word yet on how many Wisconsin employees will lose their jobs. Some of the positions were open and will not be filled, while others will result in layoffs.
Source – Mount Pleasant-Sturtevant Patch
C. Johnson & Son, Inc. Employees’ Deferred Profit Sharing and Savings Plan is a defined contribution plan with a 401k feature. This plan has a BrightScope Rating of 85.
For the average 401k participant, the 4 point difference between this plan’s BrightScope Rating (85) and the top rated plan (89) could equate to: 3 additional years of work and/or $77, 925 in lost savings.
The plans administrator is Maureen Kennedy-Harlan and it’s handled in Racine, Wisconsin. The recordkeeper is Fidelity and the investment advisor is Financial Engines.
One of the key concerns is that the plan only has 19 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