What are the Certain Retirement Accounts?
These are deposit accounts owned by one person and titled in the name of that person’s retirement plan. Only the following types of retirement plans are insured in this ownership category: • Individual Retirement Accounts (IRAs) including traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Savings Incentive Match Plans for Employees (SIMPLE) IRAs • Section 457 deferred compensation plan accounts (whether self-directed or not) • Self-directed defined contribution plan accounts • Self-directed Keogh plan (or H.R. 10 plan) accounts All deposits that an individual has in any of the types of retirement plans listed above at the same insured bank are added together and the total is insured up to $250,000.
