Truist Financial 401(k) match, vesting and fees
What Truist Financial's 401(k) plan says about matching contributions
The Plan Sponsor will match participant contributions (other than catch-up contributions), subject to certain IRC limitations, using a formula of 100% match on the first 4% deferred. On February 27, 2025, the Company made a 1% discretionary matching contribution for the 2024 Plan year to eligible participants in accordance with the Plan document.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 136 ↗ |
| Match vesting | Participants are vested immediately in their contributions, employer matching and profit sharing contributions and actual earnings allocated to their account. Non-vested employer matching contributions may occur as a result of participants in predecessor plans that have terminated their employment with their employer. | Audit report, p. 137 ↗ |
| Roth contributions | The Plan also has a Roth feature that allows for after-tax contributions. | Audit report, p. 136 ↗ |
| Loans | Participants may borrow from their account balances an amount not to exceed the lesser of $50,000 (less adjustments as required by the Internal Revenue Service (“IRS”)) or 50 percent of their account balance. The minimum loan amount allowed by the Plan is $1,000. Only one loan can be taken during the Plan year and a participant may have only one loan outstanding at any time. The interest rate charged on amounts borrowed is equal to Truist Bank’s prime lending rate plus 1% at the loan origination date. Principal and interest is paid ratably through payroll deductions. Loans from merged plans are carried at the terms and conditions that were set by the predecessor plans. | Audit report, p. 137 ↗ |
| Recordkeeper | Fidelity Investments Institutional | Schedule C ↗ |
| Independent auditor | Carr, Riggs and Ingram LLC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 19 defined-contribution plans in finance and insurance with 50,000 or more participants.
| Truist Financial: employer contribution per participant | $3,610 | |
| Peer median | $3,368 |
| Truist Financial: average balance | $168,902 | |
| Peer median | $160,346 |
| Truist Financial: admin expenses ÷ assets | 0.03% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $10.1B at the end of plan year 2023 to $9.2B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 59,476 | $9.2B | $197M | $3,610 | 0.03% | Quoted in the audit report, p. 136 ↗ | Form 5500 ↗ |
| 2023 | 74,490 | $10.1B | $261M | $3,886 | 0.02% | Not published | Form 5500 ↗ |
Other Truist Financial plans (1)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Truist Financial Corporation Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Carr, Riggs and Ingram LLC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Truist Financial match 401(k) contributions?
The audit report attached to the Truist Financial Corporation 401(k) Savings Plan's plan year 2024 Form 5500, page 136 says: “The Plan Sponsor will match participant contributions (other than catch-up contributions), subject to certain IRC limitations, using a formula of 100% match on the first 4% deferred. On February 27, 2025, the Company made a 1% discretionary matching contribution for the 2024 Plan year to eligible participants in accordance with the Plan document.” Plan terms may have changed; check your current Summary Plan Description.
When is the Truist Financial 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 137 says: “Participants are vested immediately in their contributions, employer matching and profit sharing contributions and actual earnings allocated to their account. Non-vested employer matching contributions may occur as a result of participants in predecessor plans that have terminated their employment with their employer.”
Who manages the Truist Financial 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Investments Institutional. The plan administrator is Employee Benefits Plan Committee.
I left Truist Financial. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Employee Benefits Plan Committee, (800) 716-2455) or the recordkeeper, Fidelity Investments Institutional. The Truist Financial old 401(k) page lists the contacts from every plan filing. Find an old Truist Financial 401(k)
Data from the public Form 5500 annual reports Truist Financial filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Truist Financial. Not financial advice. Report a correction · Methodology