We may be a newer company, but we have vintage roots—and still believe in supporting the teammates who’ve been so good to us.

Truist is among a small number of employers that still offer and fund a pension plan. The Truist Financial Corporation Pension Plan rewards you for your time with Truist and helps you accumulate income that will supplement your retirement.

The Pension Plan is a "defined" benefit plan, which means it is wrapped around a formula. This formula is based on your years of credited service and average compensation. Funded by Truist on an annual basis, it includes the following features:

  • 100% of the contributions to the pension plan are made by Truist
  • You are 100% vested after five years of vesting service
  • You can access your benefit as early as age 55, with 10 years of vesting service

Your pension benefits

Calculate estimated pension benefit; request, view and print instant estimates; and view personal pension data.

Becoming a participant

You become a participant on the first day of the month after you have completed one qualifying year of service and have reached age 21—if your subsidiary participates in the Pension Plan. 

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A qualifying year of service is a year in which you work at least 1,000 hours.

Note: Certain affiliates1  of Truist Financial Corporation do not participate in the Pension Plan.


The Pension Plan provides a retirement benefit for vested teammates. Vesting means ownership or your entitlement to the benefit you have earned.

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You are automatically fully vested when the first of the following occurs:

  • You complete at least five years of vesting service 
  • You reach normal retirement age under the plan
  • You become eligible to elect early retirement

Note: For vesting purposes, if you completed at least 1,000 hours of service in both your first year of employment and in the plan year that includes the first anniversary of your date of employment, you will receive credit for two years of continuous service.

Applying for pension benefits

When you decide to retire, you must notify Benefits Administration 75-90 days prior to your intended retirement date. To notify Benefits Administration, call HR Central at 800-716-2455, option 1. 

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You'll complete your retirement application over the phone. A calculation of your pension benefits will be requested from our actuary. The calculation and retiree benefits enrollment package, if applicable, will be sent to your home address within 30 business days following your initial contact with Benefits Administration. Payment of your pension benefit will generally begin the first of the month following your retirement date. 

Pension benefit calculation

When you retire, the annual normal retirement benefit you receive from the Truist Financial Corporation Pension Plan will be determined using a formula.

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Pension benefit calculation formula

1% of average annual compensation 2 (the average is determined using your highest compensation during any consecutive five calendar years out of the last 10 years)

Multiplied by years of service with Truist in which you have worked at least 1,000 hours (maximum of 35)


0.5% of average excess compensation times years of service (maximum of 35)

Pension benefit calculation example

You retire at age 65 after completing 35 years of credited service. Your average annual compensation is $20,000. Your benefit is calculated as follows:

  • 1% x $20,000 x 35 = $7,000

So, $7,000 would be your annual benefit from the Truist Financial Corporation Pension Plan if you chose a life annuity as your form of payment.

The average annual compensation of $20,000 is below the Social Security Covered Compensation, so no additional calculation is necessary.

Retirement plan forms and legal notices