Truist Pension Plan

Truist Pension Plan

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

Visit our pension website, where you can calculate your estimated pension benefit; request, view and print instant estimates; and view personal pension data.

(New hires get access to the site after confirmation of becoming a plan participant.) 

Sign in to pension benefits site for additional information
Pension site registration guide for additional information

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. 

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

Note: Certain affiliates1  of Truist Financial Corporation don’t participate in the pension plan.

Vesting

Vesting means ownership or your entitlement to the benefit you’ve earned – your accrued benefit.

You become 100% 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 (the later of your 65th birthday or the fifth anniversary of the date you begin participation in the plan). 

Creditable service

Creditable service is the time you work that counts toward growing your pension benefit.

Generally, you earn one year of creditable service for each plan year during which you completed 1,000 or more hours of service as a BB&T employee prior to Jan. 1, 2020, or Truist Financial Corporation after Dec. 31, 2019, up to 35 years. (Special rules apply for certain mergers.) 

Starting pension benefits

When you’re ready to receive pension benefits and you meet the eligibility criteria, you must notify Teammate Care four months before your desired payment start date. 

  • If you’re a current Truist teammate, complete this form to initiate your retirement and pension benefits. 
  • If you’re a former teammate, you may be contacted by the Truist Pension Center when you’re nearing age 65 to start your pension You also may contact the Truist Pension Center at 844-412-1704 to initiate.

Once requested, you’ll receive a personalized pension calculation and required election forms in the mail to set up your payments the month before your payment date. 

Your pension payment start date depends on when you initiate the request. 

For example, if you want pension benefits to start July 1, you’ll need to initiate a request by March 1. In the example, you would receive the calculation and election forms in June.

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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Formula for new hires and rehires on or after Jan. 1, 2024: 

Pension benefit calculation formula

0.94% 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)

Plus

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:

  • 0.94% x $20,000 x 35 = $6,580

So, $6,580 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.

Formula for teammates prior to Jan. 1, 2024: 

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)

Plus

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.

Pension plan details

For details about how your benefit is calculated, eligibility and plan rules, see the Truist Financial Corporation Pension Plan Summary Plan Description.

Review the plan’s Annual Funding Notice, which has information about the pension’s funding status.

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1CAFO, Truist CIG, LLC, Truist Investment Services, Inc., Truist Securities, Inc.

2For purposes of this calculation, your compensation generally is the pay you receive from Truist including any pre-tax savings under the Truist Financial Corporation 401(k) Savings Plan or salary reductions under a Cafeteria Plan. Your compensation includes base pay, overtime pay, commissions, incentive compensation and bonuses.

As required by law, compensation in excess of certain limits ($285,000 effective January 1, 2020), as adjusted for inflation, is not considered under the Truist Financial Corporation Pension Plan.

 

No personal or confidential teammate information is contained within Benefits.Truist.com.

Information contained within Benefits.Truist.com applies to eligible teammates residing in the United States, unless otherwise specified.

Not all subsidiaries and affiliates of Truist participate in the benefit programs and policies presented within Benefits.Truist.com.

The terms, conditions, limitations, and eligibility requirements for the Truist benefits plans are set forth in the Summary Plan Descriptions (SPDs), where available. We encourage you to read the SPDs carefully. If you have any questions after reviewing the SPDs or would like to request a free paper copy of an SPD or plan document, please contact the Plan Administrator at the address provided in the SPD. In the event of a discrepancy between the information provided on this Website and the plan documents, the plan documents will govern. 

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