Scottrade layoffs climb to over 1,000
The number of Scottrade Financial Services employees let go following its $4 billion acquisition by TD Ameritrade has grown to more than 1,000, according to the latest documents filed with the state of Missouri.
Source – St. Louis Post-Dispatch
Scottrade, Inc. 401k Plan is a defined contribution plan with a 401k feature. This plan has a BrightScope Rating of 79.
For the average 401k participant, the 12 point difference between this plan’s BrightScope Rating (79) and the top rated plan (91) could equate to: 9 additional years of work and/or $104,149 in lost savings.
The plans administrator is Carla Ulmer and is handled out of St. Louis, Missouri. The recordkeeper is TransAmerica.
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