General Motors Corp., New York, has restructured its 401(k) program for salaried employees, increasing investment options to 71 from 56, said Mike Klehm, managing director in charge of 401(k) programs at General Motors Investment Management Corp., GM’s investment unit.
The new options, which are being marketed as Promark Funds, employ the same multimanager approach GMIMCo uses for its defined benefit plan. GMIMCo chooses several outside managers for each fund and monitors them internally, setting the asset allocation for each strategy. The program also includes four Promark lifestyle funds. In addition to the 15 new Promark funds, participants can choose between three GMIMCo funds and 49 Fidelity funds.
