November 19, 2001 at 07:00 PM
NU Online News Service, Nov. 19, 12:43 p.m. – The U.S. Senate Committee on Banking, Housing, and Urban Affairs recently held a hearing on proposals that would allow the Federal Deposit Insurance Corp. to protect up to $200,000 in retirement savings per bank customer.
The FDIC maximum was increased to $100,000 in 1978.
Speakers agreed that increasing in deposit protection for retirement savings would simply help customers of insolvent banks keep up with the inflation that has occured since 1978.
“Americans who take responsibility for remaining self-sufficient in their later years should not be forced to jump through complicated and potentially costly hoops to protect those savings,” Glenn Dahlke, president of The Dahlke Group Inc., Glastonbury, Conn., a financial planning firm, testified at the hearing.
Written versions of the remarks made by Dahlke and other speakers are available on the Web, at
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