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.
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.