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 currently 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 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,” are available free at suntrust.com/401kexpertise.