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

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

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. 

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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.

Vesting

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’re automatically fully vested when the first of the following occurs:

  • You complete at least five years of vesting service, which is earned when you work 1,000 or more hours within each year
  • You reach normal retirement age under the plan
  • You become eligible to elect early retirement

If you were part of a merger or acquisition, the date your vesting service begins may be different from the date you join the plan and start accruing benefits.

For example, participants who joined Truist from SunTrust Banks, Inc., began accruing pension benefits on Jan. 1, 2020. And years worked at SunTrust Banks, Inc., are counted as vesting years (if vesting service conditions are met).

Starting pension benefits

When you’re ready to receive pension benefits and you meet the eligibility criteria, you must notify Teammate Care 90 days 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 Teammate Care when you turn 65 to start your pension. You also may contact Teammate Care at 800-716-2455 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 90 days before then. 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.

Retirement plan forms and legal notices

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1SunTrust Equity Funding, Truist CIG, LLC, Truist Equipment Finance Corp., 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.

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