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CCH® PENSION AND BENEFITS — 9/26/06

FDIC finalizes rule increasing coverage for certain retirement plan deposits

The Federal Deposit Insurance Corporation (FDIC) has issued a final rule reflecting the increased coverage for certain self-directed retirement plan deposits up to $250,000.

The types of retirement accounts eligible for the increased coverage include IRAs, Section 457 plan accounts, defined contribution plan accounts as defined in ERISA §3(34), and Keogh plan accounts, to the extent that the participants and beneficiaries under such plans have a right to direct the investment of the assets held in individual accounts maintained on their behalf by the plans. Included in the description of defined contribution plan accounts are 401(k)s, SIMPLE 401(k)s, self-directed defined contribution money purchase plans (in which employer contributions are fixed), and self-directed defined contribution profit-sharing plans (in which employer contributions are based on company profits).

For more information on this and related topics, consult the CCH Pension Plan Guide.

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