Montgomery. Alabama –
(AP) - The State Personnel Board is canceling a
contract with Nationwide Insurance company to provide a deferred
compensation plan for active and retired state workers in Alabama.
The board voted 3-0 Wednesday to cancel the contract because
board members said the company is not providing financial
information they want. The cancellation will take effect in six
months. Board members said they will have another deferred
compensation plan in place by then.
The decision affects about 11,000 active state workers and a
similar number of retirees.
Immediately after the vote, Nationwide spokeswoman Erica Lewis
said the company would have a comment later. Nationwide has
previously declined to release documents because it is being sued
by two participants in the plan, and the judge handling the suit
has issued a protective order.
(Copyright 2009 by The Associated Press. All Rights Reserved.)