SunTrust Adds FDIC Insured Account to Its 401k Offering
ATLANTA, GA, November 12, 2009 -- SunTrust Banks, Inc. (NYSE: STI) announced today that it has added an FDIC insured account as an investment option for companies who choose SunTrust as their institutional 401k provider. SunTrust is among the first to offer an FDIC insured deposit account as part of an institutional 401k investment platform.
The SunTrust Bank FDIC Insured Account is available through SunTrust’s institutional 401k plan solution for companies who elect to include it as one of the investment choices for their employees. It is an interest earning account that offers competitive rates and current income, while preserving principal. The account offers 401k participants the ability to protect some of their retirement savings against adverse markets. Funds invested in the account are considered deposits of SunTrust Bank and thus, currently offer FDIC insurance protection of up to $250,000 per participant.
"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. "And in a lot of cases, these individuals’ retirement portfolios are centered in an employer-sponsored 401k plan.
"As a result, companies are seeking ways to broaden the diversification of their 401k plan’s investment selection," states Seliga. "At SunTrust, we are committed to continually enhancing our retirement plan solutions to meet the evolving needs of our clients, and are pleased to take a lead role in offering an FDIC insured investment option for 401k plan sponsors and their employees."
In addition to augmenting its institutional 401k investment platform with the new FDIC insured account, SunTrust also announced the release of two new guides designed to help plan sponsors and business owners tackle the complexities associated with offering and managing 401k plans in today’s challenging economic environment. The new guides entitled, "Solid Steps to Maintaining a Healthy 401k" and "Solid Steps to Knowing if a 401k is Right for Your Business," are available for free online at suntrust.com/401kexpertise.
For more information about the new FDIC Insured Account option for SunTrust 401k plans or about the free guides available for plan sponsors, contact 1.866.SUN.401K (1.866.786.4015).
About SunTrust Banks
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2009, SunTrust had total assets of $172.7 billion and total deposits of $119.3 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries, the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust’s Internet address is suntrust.com.
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