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Retirement plan

TRUIST FINANCIAL CORPORATION 401(K) SAVINGS PLAN

TRUIST FINANCIAL CORPORATIONEIN 56-0939887Plan #003PY 2020
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214 N. TRYON STREET - CHARLOTTE, NC 28202800-716-2455
Other plans on this EIN
3 filings
#001Retirement-$14.67B assets#002Retirement--#005Retirement--
Prospect flagsLow participant contributionCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(800) 716-2455
Plan administrator signer
STEVE REEDER
Signed 10/12/2021
Plan administrator entity
EMPLOYEE BENEFITS PLAN COMMITTEE
EIN 560939887
214 N TRYON STREET, FLOOR 45 · CHARLOTTE, NC 28202
(336) 733-2030
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Summary metrics

Total assets (EOY)
$9735.1M
-22.2% from 2016
Total participants
74,346
-10.1% from 2016
Average account balance
$139,619
-12.4% from 2016
Annual return
89.96%
-21.83 pp from 2016

Benchmarks

See 76 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined contribution
Participants>=10,000
Cohort76 peers
Snapshot2020
Participant deferral / active EE
$4,776
median $6,844
Employer contribution / active EE
$3,381
median $4,263
Participation rate
91.5%
median 96.2%
Avg account balance
$139,619
median $139,426
Admin fee / account holder
$16
median $55
Annual return
89.96%
median 15.01%
Overall peer rank
52nd percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$9.23B
Average account balance
Total assets / participants with a balance (line 6g)
$169K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
54,653
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
87.5%
Contributions (total)
Employer and participant dollars contributed each year
$547.76M
Contributions per participant
Average employer and participant contribution per enrolled participant
$14K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
-3.18%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$45
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 5 by compensation
ProviderService typeCompensation
STRATEGIC ADVISORS, INC.1 year
Service code 27 · EIN 04-2654524
Advisory (Plan)
$420,496
FIDELITY INVESTMENTS INSTITUTIONAL1 year
Service code 37 · EIN 04-2647786
Loan Processing
$298,680
PRONVEST6+ years
Service code 27 · EIN 62-1823351
Advisory (Plan)
$114,035
TD AMERITRADE6+ years
Service code 19 · EIN 47-0533629
Securities Custodian
$54,118
BB&T5 years
Service code 21 · EIN 56-1368984
Bank Trustee
$0

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 codes2E2F2G2J2K2O2R2T3H
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2O
    ESOP other than a leveraged ESOP
    Employee stock ownership plan that is not leveraged.
  • 2R
    Participant-directed brokerage accounts
    Participant-directed brokerage accounts provided as an investment option under the plan.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 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

2 tripped
  • OpportunityLow participant contribution

    Participant contribution per participant is in the bottom quintile of the peer cohort.

  • ComplianceCorrective distributions

    Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II
Admin total
$1.1M
$20 / participant
  • Investment mgmt$420K38.1%
  • Other / not subdivided$684K61.9%
% of EOY assets
0.011%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
CROWE LLP
Auditor EIN
350921680
Audit fees
(not subdivided)
Opinion code
Unqualified