State cancels compensation plan with Nationwide - WSFA.com Montgomery Alabama news.

State cancels compensation plan with Nationwide

MONTGOMERY, Ala. (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.)

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