Verizon to shed 10,400 jobs by mid-2019
Verizon Communications said that about 10,400 employees will be leaving the wireless carrier by the middle of next year as part of the company’s voluntary separation program.
As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.
Source – New York Post
What you need to know!
Verizon Savings and Security Plan for New York and New England Associates is a defined contribution plan with a profit-sharing component, stock bonus component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 76.
That being said, the rating of 76 versus a top rating of 92 could equate to 13 additional years of work and or over $105,788 in lost savings.
The plans administrator is Jonathan Hayes and is handled in Basking Ridge, NJ. The Recordkeeper is Fidelity.
One of the key concerns is that the plan only has 7 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