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Replacement of the Promark Income Fund
Frequently Asked Questions
Q. What is changing in the Delphi SRSP and PSP 401(k)
Plans?
A. Effective March 23, 2011, 4 pm (EST), the Promark Income Fund
investment option will be terminated and all existing balances in and all future
contributions allocated to the Promark Income Fund will be placed into the new
PIMCO Interest Income Fund.
Q. Why is the Promark Income Fund being eliminated as
an option in the Delphi Plan investment menu?
A. For Delphi Plan participants, the Promark Income Fund is being
managed by General Motors Asset Management (GMAM). As of November 2010, with the
change in investment consultant from GMAM to NEPC, LLC, the Delphi Plan became a
“non-affiliated” client of GMAM. GMAM has now determined that it will no longer
offer the Promark Income Fund to non-affiliated plan sponsors and their plan
participants.
Q. What is the replacement fund and what is the
expected return as compared to the Promark Income Fund?
A. The Promark Income Fund is being replaced with the PIMCO Interest
Income Fund. The two funds have a different investment focus. Promark Income
Fund is a type of investment known as a stable value fund, investing in a
variety of fixed income investments with a duration of approximately 2.7 years,
combined with certain types of insurance contracts, plus a specified rate of
return. Due to the financial market downturn, the establishment of these types
of stable value funds has been severely restricted. The PIMCO Interest Income
Fund is different from the stable value fund strategy in that it invests in
shorter term securities that normally generate lower returns in exchange for
lower risk. It is expected to provide liquidity, low price volatility, and
current income. The result will be a daily yield which is expected to provide
current income in excess of money market returns but to a lesser degree than an
investment option with a focus on longer maturity assets, such as the Promark
Income Fund.
Q. What can I do if I do not want my existing
investments or my future contributions placed into the PIMCO Interest Income
Fund?
A. You can request an exchange or modify your investment elections up
until 4 pm (EST), March 23, 2011 to other fund options with your SRSP or PSP. If
you need assistance in making an exchange, modifying your investment election,
or have any questions regarding the other fund options in your Delphi 401(k),
contact Mainstay Capital Management toll-free at (866)444-6246. We are always
happy to assist.
Q. Are there any penalties or fees to exchange into
or out of the PIMCO Interest Income Fund?
A. No. There are no penalties or fees to transfer balances or new
contributions to or from the PIMCO Interest Income Fund.
Q. Where can I get additional information relating to
the other investment options available in the Delphi SRSP or PSP and where can I
go for assistance with a change in my asset allocation?
A. Contact Mainstay Capital Management toll-free at (866)444-6246 for
assistance or any additional information regarding the other investment options
in the Delphi SRSP or PSP.
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10775 South Saginaw St., Grand Blanc, Michigan 48439
Toll Free: 1-866-444-6246