The General Motors Health Savings Account (HSA) provider, Bank of America, has announced changes to the investment menu within the HSA.
During the month of May, fifteen investment options will be removed from the account, two new options will be added, and ten current investment options will change share class.
If you have the auto-investment feature turned on and are directing investments to any of the closing funds, you will need to choose new auto-investment fund options prior to May 22, 2017. If no new option is selected by the deadline, the funds being removed will be liquidated and the proceeds will be deposited into the HSA Cash Account. For auto-investments into funds changing share class, no action is necessary.
For those that follow Mainstay Capital Management's HSA Model Portfolios, these changes only impact the growth model portfolio. Oppenheimer Developing Markets, held in the growth model portfolio recommendation, is one of the funds leaving the line-up. We will use Vanguard Emerging Markets Stock Index to replace Oppenheimer Developing Markets in this portfolio.
If you have questions regarding how these changes may affect your HSA portfolio or your investment option selection within the GM HSA, don't hesitate to contact Mainstay Capital Management toll-free at 1-866-444-6246.