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BB&T replaces 2 Vanguard funds with Legal & General offerings in 401(k) plan

BB&T Corp., Winston-Salem, N.C., added two index funds managed by Legal & General Investment Management America to its 401(k) plan, according to a notice posted on the plan's website.

The plan added the Legal & General MSCI ACWI Ex U.S. CD CTF C, an international equity collective investment trust, and the Legal & General S&P 500 DC CTF Class C, a domestic equity collective investment trust, effective July 31. They replaced the Vanguard Total International Stock Index Fund and the Vanguard Institutional Index Fund, respectively, from which participants were automatically mapped.

The company in the notice cited a recent review of the plan as the instigator of the change.

As of Dec. 31, the BB&T Corp. 401(k) Savings Plan had $4.1 billion in assets, according to the company's most recent 11-K filing with the Securities and Exchange Commission. As of that same date, the plan had 12 investment options and a target-date fund lineup managed by T. Rowe Price Group. Also as of that date, according to the 11-K, the Vanguard Institutional Index Fund and Vanguard Total International Stock Index Fund had $255 million and $44 million in plan assets, respectively.

David R. White, company spokesman, could not immediately provide further information.