Products November 12, 2009

SunTrust Adds FDIC-Insured 401(k) Investment Option

SunTrust Banks has added an FDIC-insured account as an investment option for its 401(k) clients.

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In a news release, the company said the SunTrust Bank FDIC Insured Account is an interest-earning account that offers competitive rates and current income, while preserving principal. Funds invested in the account are considered deposits of SunTrust Bank and offer FDIC insurance protection of up to $250,000 per participant, the announcement said.

“The recent economic and market environments have changed people’s perspectives on their retirement savings. Many have greater interest in including investments that offer solid capital preservation as part of their retirement portfolio,” said Brenda Seliga, senior vice president and head of Employee Benefit Solutions at SunTrust, in the news release.

The company also announced it is releasing two 401(k) guides: “Solid Steps to Maintaining a Healthy 401(k)” and “Solid Steps to Knowing if a 401(k) is Right for Your Business,” available free at suntrust.com/401kexpertise.

Products November 12, 2009

AXA Equitable Offers Retirement Calculator App for iPhone

Women can now estimate retirement income straight from their iPhones.

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AXA Equitable Life Insurance Company launched two free applications for Apple’s iPhone and iTouch to give women consumers access to financial calculators. The tools are part of AXA’s “Women, Wealth and Wisdom” initiative to give women financial education and resources (see “AXA Launches Resources for Women”).

AXA offers two apps: a retirement income calculator to estimate how much monthly income a retirement savings plan might provide, and a college savings plan calculator to determine the monthly savings amounts needed to meet education funding goals.

Next up, AXA plans to launch more apps, including a retirement shortfall calculator, a life insurance calculator, a life expectancy calculator, and an app that combines multiple aspects of a financial situation.

“We launched these applications to help women take control of their finances whenever and wherever they want to,” said Barbara Goodstein, executive vice president and chief innovation officer for AXA Equitable.

Users can download the apps from the iTunes App Store by searching for AXA Equitable.

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