There will be several changes within the International UAW Staff Severance Plan over the next few months. The effective date of these changes will be July 1, 2015.
The Fidelity® Fund - Class K fund will close and be replaced by an investment option currently offered by the Plan. Assets presently invested in, or contributions (including loan repayments) currently being directed to, the Fidelity® Fund - Class K fund will automatically shift to the existing fund without any action from the participant.
Additionally, the Fidelity Freedom K® Funds will become the Plan’s Designated Default Fund for the UAW Staff Severance Plan. Currently the UAW Strategy Fund is the Plan’s Designated Default Fund.
For participants without an investment election on file at Fidelity (thereby defaulting to the UAW Strategy Fund), an automatic transfer to the Fidelity Freedom K® Funds will occur if no election is made as of market close on August, 21, 2015.
A special election window will be established for participants without an investment election on file at Fidelity. During this election window period, participants can elect to have current assets remain invested in the UAW Strategy Fund as this fund will continue to be an option in the Plan.
If you have questions regarding how these changes may affect your International UAW Staff Severance Plan or your investment option selection within the Plan, do not hesitate to contact Mainstay toll-free at 1-866-444-6246.