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Snapchat owner to cut more than 120 engineers

March 8th, 2018 | Leave a comment.

Snapchat owner Snap Inc will cut just over 120 engineers and reorganize its engineering team.1

The maker of the smartphone app known for popularizing disappearing messages has been under pressure from investors to reduce costs after revenue fell short of analyst expectations during Snap’s first year as a publicly traded company.

The Southern California company will offer a package of benefits to those being laid off, according to the memo from Jerry Hunter, senior vice president for engineering.

1 Rueters – March 8th, 2018

*Snap, Inc. 401K Plan is a defined contribution plan with a profit-sharing component and 401k feature.  The plan’s administrator is Lincoln Financial and is handled in Chantilly, VA.

Most 401k, Profit Sharing or ESOP plans do not have active management so there is no one guiding the plan’s investments. What this means is in the event of an economic downturn, there is no method for automatically moving your investments to a lower risk profile to protect your hard-earned savings.

With the WealthSentry system we participate in, retiree’s accounts are automatically re-balanced to lower risk portfolios in the event of a severe 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

* Source – Brightscope

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