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TJX Lays Off 300 Employees

May 30th, 2018 | Leave a comment.

FRAMINGHAM, MA—TJX, the parent company of Marshalls, TJ Maxx, HomeGoods, HomeSense and Sierra Trading post, said the layoff was attributed to restructuring. The company said while it was laying off employees, it planned to expand jobs in other areas.

Source – Charlene Arsenault of

The TJX Companies, Inc. General Savings/Profit Sharing Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 56.

That being said, the 28 point difference between this plan’s BrightScope Rating (56) and the top rated plan (84) could equate to 13 years of additional work and over $197,732 in lost savings.
The plans administrator is David L. Averill and is handled out of Framingham, MA.  The recordkeeper is Empower.

One of the key concerns is that the plan only has 29 investment options to choose from which is common for most 401k type plans.

Most 401k, Profit Sharing or ESOP plans do not have active management so there is really no one specifically guiding the plan investments. What this means is that like most traditional investment companies, in the event of a severe downturn the investment advisors have no method for moving to a lower risk profile automatically.

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