what is a synthetic guaranteed investment contract gic 
the u s office of the comptroller of the currency defines a synthetic guaranteed investment contract gic as a diversified portfolio of fixed income securities that are insulated from interest rate volatility by contracts wraps from banks and insurance companies in this arrangement the 401 k plan and its participants own the underlying invested assets the portfolio of fixed income securities that supports the stable value fund with a regular gic by contrast the insurance company owns the underlying assets as part of its general account 2