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State notice: More than 200 layoffs at TEC Industrial in Kingsport

July 17th, 2018 | Leave a comment.

A state report says more than 200 workers at a Kingsport industrial business will lose their jobs next week.

The statement from the Department of Labor and Workforce Development said TEC Industrial filed notice of a permanent layoff that impacts 238 workers at their facility located on Konnarock Road in downtown Kingsport.

Source – WCYB News 5

What you need to know!

TEC Industrial Profit Sharing and 401k Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 52.

For the average 401k participant, the 39 point difference between this plan’s BrightScope Rating (52) and the top rated plan (91) could equate to:  21 years of additional work and/or $225,180 in lost savings.
The plans administrator is Greg Boehling and is handled in Kingsport, TN.  The recordkeeper is the Trust Company of Knoxville.

One of the key concerns is that the plan only has 28 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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