Business Services Industry
BB&T Loses North Carolina Pension Contract, Will Cut Jobs.
Knight Ridder/Tribune Business News, April, 2003
By Chris Serres, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Apr. 23--RALEIGH, N.C.--Prudential Financial emerged the victor of a hotly contested bid to administer $2.3 billion in state retirement assets.
The North Carolina board that oversees the state's 401(k) retirement plan picked Prudential, a giant insurance and financial services company based in Newark, N.J., to replace BB&T as the administrator of the state's $2.3 billion retirement plan.
The decision will lower fees for 175,000 current and former state employees who participate in the state plan, but will also prompt BB&T to eliminate about 40 jobs at its trust division in Raleigh.
"We are deeply disappointed that [the state treasurer] has...
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