Notice to Employees of BB&T Corporation and its Subsidiaries

This document is about BB&T Corporation and its captive insurance company, BB&T Assurance Co. Ltd., applying to the U.S. Department of Labor for authorization to allow BB&T Assurance to reinsure BB&T's life, disability, and accidental death and dismemberment insurance benefits. The reinsurance arrangement would otherwise be considered a prohibited transaction under ERISA due to the relationship between BB&T and BB&T Assurance. The document outlines the proposed transaction, the parties involved, and the conditions under which the DOL authorization would be granted, including benefit improvements such as reduced life and disability insurance rates and an accelerated death benefit.