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johngibson15219
johngibson15219, Attorney
Category: Bankruptcy Law
Satisfied Customers: 159
Experience:  Admitted to Pennsylvania Bar 1980. I'm familiar with the new law.
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I rolled my 401 K over into an IRA when I retired. Now the

Customer Question

I rolled my 401 K over into an IRA when I retired. Now the large insurance company holding the IRA as an annuity investment may go bankrupt. Because the IRA is a trust, are those funds protected?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  johngibson15219 replied 8 years ago.
It depends on whether or not it was insured. It probably was. Check here:

To check whether your bank or savings association is insured by FDIC, call toll-free 1-877-275-3342, use "Bank Find" at www.fdic.gov/deposit/index.html, or look for the official FDIC sign where deposits are received.

Customer: replied 8 years ago.
As stated. the IRA is an investment with an insurance company, so is your answer applicable to them? I didn't think FDIC applied to insurers.
Customer: replied 8 years ago.
MY ACCOUNT SHOULDN'T CONTAIN $30. I VOLUNTEERED $15 IF I WAS SATISFIED WITH THE ANSWER. SO FAR I'VE GOTTEN NO ANSWER THAT APPLIES TO MY CASE.
Expert:  johngibson15219 replied 8 years ago.
If it is a trust it is almost certainly a bank account with some bank. Whether or not it is protected depends upon the amount. If it is less than $250,000.00 you are insured by the FDIC. You need to call the FDIC.