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Sprint is Cutting 500 Jobs

March 13th, 2018 | Leave a comment.

Sprint is cutting 500 jobs at its Overland Park headquarters campus as part of its ongoing effort to cut costs.

Spokesman Dave Tovar said the cuts could include any of the 6,000 headquarters employees.

Although some employees have been notified of their job loss, not all of the positions being eliminated have been identified included a ‘thinning of the executive group’ that reports to CEO Maurcelo Claure.

1 Kansas City Star

Sprint 401k Plan is a defined contribution plan with a stock bonus component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 69.

For the average 401k participant, the 21 point difference between this plan’s BrightScope Rating (69) and the top rated plan (90) could equate to: 13 additional years of work and $71,016 in lost savings.

The plan’s administrator is Mark Hermann and the recordkeeper is Fidelity.

One of the key concerns is that the plan only has 28 investment options.

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

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