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Seattle’s F5 Networks cuts 230 jobs, plans to close Massachusetts office

August 2nd, 2018 | Leave a comment.

F5 Networks is laying off about 230 people, about 5 percent of its workforce, a move the Seattle internet and networking infrastructure company says is part of a strategy shift toward sales of cloud-computing and cybersecurity products.

Source – Seattle Times

What you need to know!

F5 Networks, Inc. 401k Profit Sharing Plan and Trust is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 85.

For the average 401k participant, the 5 point difference between this plan’s BrightScope Rating (85) and the top rated plan (90) could equate to:  4 years of additional work and/or $55,849 in lost savings.
The plans administrator is Steven Greiger and is handled in Seattle, WA.  The investment advisor is RBC Wealth Management and the recordkeeper is Fidelity.
One of the key concerns is that the plan only has 38 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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