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Spirit announces 450 new layoffs in Wichita

August 5th, 2020 | Leave a comment.

Spirit AeroSystems announced that it will layoff 450 employees at its Wichita facility.

This comes after the recent rate reduction of 737 MAX and the ongoing pandemic.

Spirit announced it will reduce the commercial programs by 1,100 employees.  This represents 450 new layoffs the Wichita location when taking into account prior layoffs and employees transitioning into different roles.

Source – KAKE News

What You Need To Know!

Spirit AeroSystems Holdings, Inc. Retirement & Savings Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 77. This plan is in the top 15% of plans for Account Balances, Company Generosity, and Salary Deferral. Spirit AeroSystems Holdings, Inc. Retirement & Savings Plan currently has over 8,700 active participants and over $820.3M in plan assets.

That being said, the rating of 77 versus a top rating of 92 could equate to 11 additional years of work and or over $98,111 in lost savings.

The plans administrator is Jason Hohl and is handled in Wichita, KS. The Investment Advisor is Voya Retirement Advisors and the Recordkeeper is Voya Financial.

One of the key concerns is that the plan only has 24 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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