Thousands more CSX workers face layoffs
Thousands more job cuts are coming at CSX, the railroad’s managers told investors in New York last week.The Jacksonville-based company is looking to cut 6,200 jobs over the next three years, the Jacksonville Daily Record reported. This is in addition to the 4,600 jobs cut last year. Mark Wallace, executive vice president and chief administrative officer, told the company’s Investors and Analyst Conference, “We’re a bloated organization. We will achieve this principally through attrition1.
CSX says it is aiming to have a workforce of only 21,000 employees by the end of 2020.
1 Steve Patrick – News4Jax
What you need to know!
*CSX Corporation 401k Plan is a defined contribution plan with a profit-sharing component, 401k feature, and ESOP component. This plan has a Brightscope rating of 79.
The rating of 79 versus a top rating of 93 could equate to 11 additional years of work and/or over $105,788 in lost savings.
The plans administrator is Michelle Mullen and is handled in Jacksonville , Florida. The Corporate Trustee is Northern Trust and the Recordkeeper is Empower. The plans have multiple investment advisors.
One of the key concerns is also that the plan only has 27 investment options which is common for most 401k type plans.
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