General Motors will be eliminating nearly half of the options in its 401(k) plan but adding other choices later this year, the Detroit Free Press reports.
As of the beginning of July, hourly and salaried workers will have just under 40 choices, down from 70, said Preston Crabill, director of GM’s pension and savings plan. The goal is to make the plan easier to assess and navigate, all the while keeping some of the more popular choices, he said.
The funds with the greatest amount of assets in GM’s plan are the Promark Income Fund (27%), GM common stock (11%0 and the Promark Large Cap Index Fund (8%).
Industry experts believe the plan will be eliminating the Fidelity Canada, Fidelity Capital Appreciation, Fidelity Equity Income and Fidelity Pacific Basin funds.
GM has indicated it will be cutting its 15 of its own Promark funds, keeping only the two most popular.