Delphi Automotive announced earlier in the year its intention to execute a spin-off of its Powertrain Systems segment into a new, independent publicly traded company. More recently, the company announced that the Powertrain Systems segment will be named “Delphi Technologies” and the remaining portion will be named “Aptiv”.
Those transferring to Delphi Technologies have been notified of the transition to a new 401(k) plan - “Delphi Powertrain Technologies Salaried Retirement Savings Program (SRSP)” – which offers a new set of investment options as compared to the current Delphi SRSP. The BrokerageLink option will remain intact.
On November 30th (4 pm EST), the investment options offered through the Delphi SRSP will no longer be available. As a result, current account balances and future contributions will transfer to the new investment options in the Delphi Powertrain Technologies SRSP. Also with this transition, some features of the Delphi SRSP will continue to the Delphi Powertrain Technologies SRSP, however some will not. In addition, the fee structure is changing with the new plan.
To discuss these changes to the Delphi 401(k) plan and how this may impact your current portfolio allocation, do not hesitate to contact us toll-free at 1-866-444-6246.