A press release said the offering is part of BB&T’s effort to expand investment offerings to retirement plan sponsors, improve the selection of 401(k) investments for plan participants, and provide an attractive alternative to money market funds for participants whose retirement accounts are heavily weighted in cash.
“Now, more than ever, investors seek to find a safe investment vehicle to invest cash balances, while earning a competitive return. We believe the BB&T Insured Deposit Program will provide a safe alternative to money market funds and expand investment choices to participants,” said Ray McCulloch, BB&T Institutional Services Executive Vice President, in the announcement.
Funds invested in the IDP are treated as deposits and are insured by the FDIC for up to $250,000 per individual, per account. For more information, call 1-800-866-2288.