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Sears lays off 200 more employees

July 17th, 2018 | Leave a comment.

Sears Holdings Corp. laid off 200 corporate employees last month, following a round of 220 job cuts earlier this year.

About 150 of the employees affected in the latest round of job cuts worked at the company’s Hoffman Estates support center

Source – Chicago Tribune

What you need to know!

Sears Holdings Savings Plan is a defined contribution plan with a profit-sharing component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 47.

For the average 401k participant, the 46 point difference between this plan’s BrightScope Rating (47) and the top rated plan (93) could equate to:  25 years of additional work and/or $223,001 in lost savings.
The plans administrator is Stephen Sitley and is handled in Hoffman Estates, Il.

One of the key concerns is that the plan only has 22 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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