A press release entitled, "SunTrust Breaks Ground for Companies and Their Employees with Addition of FDIC Insured Account to Its 401(k) Offering" says, "SunTrust Banks, Inc. (STI) announced today that it has added an FDIC insured account as an investment option for companies who choose SunTrust as their institutional 401(k) provider. SunTrust is among the first to offer an FDIC insured deposit account as part of an institutional 401(k) investment platform. The SunTrust Bank FDIC Insured Account is available through SunTrust's institutional 401(k) 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." Brenda Seliga, senior vice president and head of Employee Benefit Solutions at SunTrust, says, "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."
