Forms of pension payment

Before you receive payments through the Truist Financial Corporation Pension Plan, you will choose the form of payment for your benefit.

Although the total value of your benefit will be the same, the amount of the payment may differ according to the payment option you choose. Benefits Administration can provide you with the amount you would receive under each payment option.

Normal forms of payment

Unless you choose another method of payment, your benefit will be paid the following way:

If you aren't married when your benefit payments begin, your benefit will be paid as a Life Annuity. This annuity provides you with a monthly benefit for your lifetime. Payments begin when you retire and are paid until you die.
If you're married when your benefit payments begin, your benefit will be paid as a Joint and 50% Survivor Annuity with a monthly benefit for your lifetime. After your death, if your spouse is living, they receive 50% of that monthly benefit during their lifetime.

If you're married, you may be able to name another beneficiary with your spouse's consent. Their consent must be in writing and witnessed by a notary public. Your spouse's consent will relate to the specific method of payment or named beneficiary, unless they waive all rights to further consent. They have the right to limit their consent to a specific method of payment or to a specific beneficiary.

Optional forms of payment

Payment Type	Description
Single life annuity	Provides a monthly benefit for your lifetime. No benefits are provided after your death. Payments begin when you retire and are paid until your death.
10-year certain and life annuity	Provides a monthly benefit to you for 10 years (120 months) and each month thereafter for the remainder of your life. If you die within 10 years of payments beginning, payments will continue to your named beneficiary until the end of the 10-year period. No benefits are provided to your beneficiary after the 10-year period.
Joint and 50% survivor annuity	Provides a monthly payment to you for your lifetime. Provides 50% of this amount to your beneficiary until his or her death. If your beneficiary dies before payment to you begins, this method is canceled.
Joint and 75% survivor annuity	Provides a monthly payment to you for your lifetime. After your death, provides 75% of this amount to your beneficiary until his or her death. If your beneficiary dies before payment to you begins, this method is canceled.
Joint and 100% survivor annuity	Provides a monthly payment to you for your lifetime. After your death, provides the same amount to your beneficiary for his or her lifetime. If your beneficiary dies before payment to you begins, this method is canceled.
Level payments with your social security at normal retirement age	Available only if you retire before normal retirement age. Monthly benefits from the plan are higher at first, then decrease at normal retirement age. Beginning at normal retirement age, your monthly benefit will be reduced so that the sum of your estimated Social Security benefit and your plan benefit will be approximately equal to your monthly plan benefit prior to normal retirement age. The Social Security estimate may not be the same as your actual Social Security benefit payable at normal retirement age. Your plan benefit will reduce at normal retirement age whether you elect to begin collecting your Social Security benefit at that time. No benefits are provided after your death.
Additional options	If you came to Truist through a merger, additional payment options may be available. The pension election form will provide all payment options.

Retirement plan forms and legal notices

View plan forms and legal notices

Forms of pension payment

Normal forms of payment

Optional forms of payment

Retirement plan forms and legal notices

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