Retirement plan
SUNTRUST BANKS, INC. 401(K) PLAN
TRUIST FINANCIAL CORPORATIONEIN 56-0939887Plan #005PY 2019
214 N. TRYON STREET - CHARLOTTE, NC 28202800-716-2455
Other plans on this EIN
3 filingsProspect flagsCorrective distributions
Filing contacts
From the Form 5500, federal recordPlan administrator signer
STEVE REEDER
Signed 10/13/2020
Summary metrics
Total assets (EOY)
$3764.7M
No prior year
Total participants
32,725
No prior year
Average account balance
$115,041
No prior year
Annual return
24.56%
+123.96 pp from 2020
Benchmarks
Peer group
Industry52 - Finance and Insurance
Plan typeDefined contribution
Participants>=10,000
Cohort80 peers
Snapshot2019
54
Participant deferral / active EE
$6,826
median $6,272
65
Employer contribution / active EE
$4,918
median $3,719
91
Participation rate
100.0%
median 95.8%
47
Avg account balance
$115,041
median $120,205
29
Admin fee / account holder
$87
median $59
75
Annual return
24.56%
median 22.69%
Overall peer rank
60of 100
60th percentileavg across 6 metrics
Analytics
Less than 3 years of history available for this plan
We'll show a chart here once at least 3 consecutive filings are on record.
Service providers
Top 3 by compensation
| Provider | Service type | Compensation |
|---|---|---|
FINANCIAL ENGINES1+ years Service code 26 · EIN 47-5324976 | Advisory (Participants) | $2,664,738 |
CONDUENT1+ years Service code 15 · EIN 81-2983623 | Recordkeeping | $418,047 |
JONES TRADING INSTITUTIONAL SVCS1+ years Service code 49 · EIN 51-0484896 | Other Services | $10,827 |
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.
Plan features & details
Pension benefit codes2E2F2G2J2K2O2S2T3F3H
Plan features
- 2EProfit-sharingProfit-sharing plan.
- 2FERISA section 404(c) planThis plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
- 2GTotal participant-directed account planParticipants 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.
- 2JCode section 401(k) featureCash 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.
- 2KCode section 401(m) arrangementEmployee 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.
- 2OESOP other than a leveraged ESOPEmployee stock ownership plan that is not leveraged.
- 2SAutomatic enrollmentPlan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
- 2TDefault investment accountTotal or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
- 3FLeased employeesPlan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
1 tripped
- ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
Expense breakdown
Schedule H Part II
Admin total
$2.9M
$125 / participant
- Investment mgmt$3M93.3%
- Other / not subdivided$190K6.7%
% of EOY assets
0.076%
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
- CARR, RIGGS & INGRAM, LLC
- Auditor EIN
- 721396621
- Audit fees
- (not subdivided)
- Opinion code
- Unqualified