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Retirement plan

TRUIST FINANCIAL CORPORATION PENSION PLAN

TRUIST FINANCIAL CORPORATIONEIN 56-0939887Plan #001PY 2023
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214 N. TRYON STREET - CHARLOTTE, NC 28202800-716-2455
Other plans on this EIN
1 filing
#003Retirement-$10.12B assets
Prospect flagsHigh retiree %

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(800) 716-2455
Plan administrator signer
STEVE REEDER
Signed 08/13/2024
Plan administrator entity
EMPLOYEE BENEFITS PLAN COMMITTEE, TRUIST FINANCIAL CORPORATION
EIN 560939887
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Summary metrics

Total assets (EOY)
$14582.4M
-12.2% from 2016
Total participants
97,275
-6.7% from 2016
Average account balance
$0
No prior year
Annual return
12.49%
-6.06 pp from 2016

Benchmarks

See 30 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined benefit
Participants>=10,000
Cohort30 peers
Snapshot2023
Participant deferral / active EE
$0
median $0
Employer contribution / active EE
$33,854
median $4,724
Participation rate
0.0%
median 0.0%
Avg account balance
$0
Admin fee / account holder
$0
Annual return
12.49%
median 9.60%
Overall peer rank
62nd percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$14.70B
Average account balance
Total assets / participants with a balance (line 6g)
$160K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
58,963
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
0.0%
Contributions (total)
Employer and participant dollars contributed each year
$1.30B
Contributions per participant
Average employer and participant contribution per enrolled participant
$34K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+2.98%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$0
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 10 by compensation
ProviderService typeCompensation
AON CONSULTING9+ years
Service code 11 · EIN 22-2232264
Actuarial
$9,283,173
NISA INVESTMENT ADVISORS, LLC3 years
Service code 28
101 S HANLEY RD # 1700 · CLAYTON, MO 63105
Investment Management
$1,963,518
SILVERCREST ASSET MANAGEMENT GROUP3 years
Service code 28
1330 AVENUE OF THE AMERICAS · NEW YORK, NY 10019
Investment Management
$1,482,685
FRANKLIN TEMPLETON LLC2 years
Service code 28
47 WEST 200 SOUTH · SALT LAKE, UT 84101
Investment Management
$1,417,983
WESTFIELD CAPITAL MANAGEMENT CO.3 years
Service code 28
ONE FINANCIAL CENTER, 23RD FLOOR · BOSTON, MA 02111
Investment Management
$1,070,149
GENESIS ADVISORS LLC4 years
Service code 28 · EIN 26-0594575
Investment Management
$827,057
DODGE & COX FUNDS2 years
Service code 28
P.O. BOX 219502 · KANSAS, MO 641219502
Investment Management
$801,393
KILPATRICK TOWNSEND ATTORNEYS9+ years
Service code 29 · EIN 58-0511774
Legal
$119,635
BRANCH BANKING AND TRUST COMPANY9+ years
Service code 21 · EIN 56-1074313
Bank Trustee
$91,848
PRINCIPAL DIGITAL REAL ESTATE FUND1 year
Service code 28
711 HIGH STREET · DES MOINES, IA 503920001
Investment Management
$8,068

Enrolled actuary

1 attachment
SB

ERIC E. MALACANE, EA, ASA

AON CONSULTING, INC.
Enrollment #2307105
100 NORTH MAIN STREET
SUITE 2200
WINSTON - SALEM, NC 27101
(336) 728-2233
Signed 2024-07-22

Top hat statement on fileNQDC

Filed October 18, 2004

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

Plan features & details

Pension benefit codes1A3F3H
Plan features
  • 1A
    Benefits are primarily pay related
    Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
  • 3F
    Leased employees
    Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

1 tripped
  • InformationalHigh retiree %

    Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II
Admin total
$27.3M
$707 / participant
  • Investment mgmt$8M28.6%
  • Actuarial$9M34.1%
  • Other / not subdivided$10M37.4%
% of EOY assets
0.187%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
CARR, RIGGS AND INGRAM LLC
Auditor EIN
721396621
Audit fees
(not subdivided)
Opinion code
Unqualified