Savings Portfolio seeks safety over return.
The Savings Portfolio is a lower-risk, Federal Deposit Insurance Corporation (FDIC)-insured option designed for clients who prefer a conservative investment:
Managed by NexBank, the Savings Portfolio:
- Seeks to provide income consistent with the preservation of principal
- Invests 100% of its assets in the NexBank High-Yield Savings Account (HYSA).1
Managed by New York Life, the Capital Preservation Portfolio:
- Seeks to provide competitive yields and limited volatility with a guarantee of principal and accumulated interest.
1 The Portfolio invests 100% of its assets in the NexBank High-Yield Savings Account ("HYSA"). The HYSA is held in an omnibus savings account insured by FDIC, which is held in trust by the Authority at NexBank. Contributions to and earnings on the investments in the Savings Portfolio A and Savings Portfolio C are insured by the FDIC on a pass-through basis to each Account Owner up to the maximum amount set by federal law – currently $250,000. The amount of FDIC insurance provided to an Account Owner is based on the total of: (a) the value of an Account Owner's investment in the Savings Portfolio; and (b) the value of all other accounts held by the Account Owner at NexBank, as determined by NexBank and FDIC regulations. The Plan Officials are not responsible for determining how an Account Owner's investment in the Savings Portfolio A and Savings Portfolio C will be aggregated with other accounts held by the Account Owner at NexBank for purposes of the FDIC insurance.