Retiring from Truist

Retiring from Truist

As you get ready to retire—or think about retiring soon—Truist wants to congratulate you on this exciting time in your life. The benefits team will help you transition from active employment to retirement.

Truist Retirement Guide

Retiree Medical Benefits

Retiree Life Insurance Summary Plan Description

Truist Financial Corporation Pension Plan

You should receive your personalized pension benefit calculation within 30 days of your retirement date.

Truist Financial Corporation 401(k) Savings Plan

As always, you can access your Truist Financial Corporation 401(k) Savings Plan account information and initiate transactions by signing in to Fidelity NetBenefits®. 

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You have the option to leave your account in the Plan as long as your balance is at least $5,000. 
 
If you wish to withdraw your account balance or roll it over to another plan or financial institution, you may do so through Fidelity NetBenefits®.

Health benefits

If you are retirement-eligible, under the age of 65, and currently enrolled in medical coverage, you will have the option to select either COBRA or Pre-65 Retiree coverage.

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If you choose COBRA, your medical, dental, and vision coverage continues up to 18 months after retirement. You’ll receive a COBRA enrollment packet three weeks after you retire. 

Your other option is Pre-65 Retiree medical, dental and vision coverage. You can continue to remain enrolled in this coverage up to age 65. 

When you select one of these options, you decline enrollment in the other option.

See the full Truist Retirement Guide (PDF) for insurance premium rates.

Employee assistance program

As you transition into retirement, feel free to contact Guidance Resources, our Employee Assistance Program administrator, at 877-369-1785.

Visit guidanceresources.com and enter the user ID: TruistCares. 

Retiree term life insurance

As a retiree, Truist provides you with optional Term Life Insurance coverage. See the Truist Retirement Guide (PDF) to learn more.   

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You also have the option to continue either one or two times your final benefits base salary for Term Life Insurance. For example, if your benefits base salary at the time of your retirement is $30,000, you could elect coverage amounts of $30,000 or $60,000.

Premiums are based on your age, benefits base salary, and the level of coverage you choose. For a detailed description of the program, see the Retiree Life Insurance Plan Description (PDF). 

Prepare for Medicare

As a Truist teammate, you have access to resources that can help you understand Medicare options and navigate the timing and process of transitioning to it.

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What is Medicare?

Medicare is a federal health insurance program for people 65 and older and some younger people with disabilities or certain conditions. Medicare has four parts:

  • Part A (hospital insurance)
  • Part B (medical insurance)
  • Part C (Medicare Advantage plans)
  • Part D (prescription drug coverage)

What’s available to help?

Truist understands that transitioning to Medicare can be challenging, which is why we offer ALEX Medicare , an interactive guided journey.

If you prefer one-on-one guidance, you can call Truist Life Insurance Services (LIS). The LIS Medicare & Health Solutions team will walk you through the Medicare process and assist with plan options available in your area. 

Truist LIS Medicare & Health Solutions 

800-474-1471 

medicare@truist.com 

Make it through the Medicare maze with ALEX Medicare.

ALEX Medicare

Learn more

Retirement plan forms and legal notices

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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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