401k Record

Employers › Truist Financial

Truist Financial 401(k)

Filed as negative.Schedule H line 2i(3) is reported as -$158,249. The filing is shown as received; the derived figures below treat a negative amount as zero, and a percentile is only shown for positive values.

Administrative expenses excluding investment management, per participant · Truist Financial Corporation 401(k) Savings Plan · plan year 2024

$3.97

Higher than 4% of the 1,045 plans over $1B that report it.

Source

= $217,020 / 54,653
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250626074041NAL0020365506001, received 2025-06-26
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250626074041NAL0020365506001, received 2025-06-26

10th: $9.43median $44.4790th: $97.55

Percentiles compare this plan with the Schedule H plans over $1B in assets of the same plan year, excluding final filings; shown only where at least 50 comparable plans report the figure. Plan year 2024-01-01 to 2024-12-31, filing received 2025-06-26.

Cost and contributions

Recordkeeping fees per participant

not reported

Not reported on this filing.

Administrative expenses per participant

$45.11

10th: $24.33median $70.0390th: $174.36

Higher than 25% of the 1,076 plans over $1B that report it.

Source

= $2,465,644 / 54,653
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250626074041NAL0020365506001, received 2025-06-26
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250626074041NAL0020365506001, received 2025-06-26

Administrative expenses as a share of assets

0.027%

10th: 0.013%median 0.046%90th: 0.111%

Higher than 26% of the 1,076 plans over $1B that report it.

Source

= $2,465,644 / $9,231,001,739
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250626074041NAL0020365506001, received 2025-06-26
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250626074041NAL0020365506001, received 2025-06-26

Employer contributions per participant

$3,610

10th: $1,442median $3,74490th: $8,760

Higher than 48% of the 1,135 plans over $1B that report it.

Source

= $197,297,679 / 54,653
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250626074041NAL0020365506001, received 2025-06-26
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250626074041NAL0020365506001, received 2025-06-26

Employer share of total contributions

33.0%

10th: 19.8%median 33.4%90th: 47.5%

Higher than 49% of the 1,135 plans over $1B that report it.

Source

= $197,297,679 / $598,659,975
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250626074041NAL0020365506001, received 2025-06-26
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250626074041NAL0020365506001, received 2025-06-26

Plan terms, as stated in Truist Financial Corporation's SEC filings

Employer match

“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 in the form of Safe Harbor contributions.”

Form 11-K filed 2026-06-25, for the year ended 2025-12-31 · plan description note, contributions · source document

Eligibility

“Employees are eligible to make salary reduction contributions the first day of the month following employment with the Corporation and are eligible to receive matching contributions after attaining the age of 21 with one year of continuous employment in which they have worked at least 1,000 hours.”

Form 11-K filed 2026-06-25, for the year ended 2025-12-31 · plan description note, eligibility · source document

Vesting

“Participants are vested immediately in their contributions, employer matching and profit sharing contributions and actual earnings allocated to their account.”

Form 11-K filed 2026-06-25, for the year ended 2025-12-31 · plan description note, vesting · source document

Terms quoted from the filing for the year ended 2025-12-31. Figures cover plan year 2024. The plan document governs.

Plan features

2F ERISA 404(c) plan · 2E profit-sharing · 2R participant brokerage window · 2G fully participant-directed · 2J 401(k) feature · 2K 401(m) arrangement · 2O ESOP-related feature · 2T default investment (QDIA) · 3H controlled-group sponsor · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20250626074041NAL0020365506001, received 2025-06-26

Full record, Truist Financial Corporation 401(k) Savings Plan

FieldValueSource
Plan sponsorTRUIST FINANCIAL CORPORATIONForm 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20250626074041NAL0020365506001, received 2025-06-26
Plan nameTRUIST FINANCIAL CORPORATION 401(K) SAVINGS PLANForm 5500, line 1a; PLAN_NAME pos 16; filing 20250626074041NAL0020365506001, received 2025-06-26
Sponsor EIN / plan number56-0939887 / 003Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20250626074041NAL0020365506001, received 2025-06-26
Plan typesingle-employerForm 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20250626074041NAL0020365506001, received 2025-06-26
Sponsor locationCHARLOTTE, NCForm 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20250626074041NAL0020365506001, received 2025-06-26
Industry (business code)522110, Finance and insuranceForm 5500, line 2d; BUSINESS_CODE pos 46; filing 20250626074041NAL0020365506001, received 2025-06-26
Plan year2024-01-01 to 2024-12-31Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20250626074041NAL0020365506001, received 2025-06-26
Filing received2025-06-26Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20250626074041NAL0020365506001, received 2025-06-26
Final filingnoForm 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20250626074041NAL0020365506001, received 2025-06-26
Amended filingnoForm 5500, Part I line B; AMENDED_IND pos 7; filing 20250626074041NAL0020365506001, received 2025-06-26
Participants, beginning of year74,490Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20250626074041NAL0020365506001, received 2025-06-26
Active participants38,574Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20250626074041NAL0020365506001, received 2025-06-26
Participants, end of year59,476Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20250626074041NAL0020365506001, received 2025-06-26
Participants with an account balance54,653Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250626074041NAL0020365506001, received 2025-06-26
Total assets, beginning of year$10,120,701,726Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20250626074041NAL0020365506001, received 2025-06-26
Total assets, end of year$9,231,001,739Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250626074041NAL0020365506001, received 2025-06-26
Net assets, end of year$9,231,001,739Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20250626074041NAL0020365506001, received 2025-06-26
Total income$1,948,135,836Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20250626074041NAL0020365506001, received 2025-06-26
Net income$829,745,280Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20250626074041NAL0020365506001, received 2025-06-26
Employer contributions$197,297,679Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250626074041NAL0020365506001, received 2025-06-26
Participant contributions$350,464,133Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20250626074041NAL0020365506001, received 2025-06-26
Other contributions (incl. rollovers)$50,898,163Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20250626074041NAL0020365506001, received 2025-06-26
Total contributions$598,659,975Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250626074041NAL0020365506001, received 2025-06-26
Benefit payments$1,115,592,466Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20250626074041NAL0020365506001, received 2025-06-26
Total expenses (incl. benefit payments)$1,118,390,556Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20250626074041NAL0020365506001, received 2025-06-26
Total administrative expenses$2,465,644Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250626074041NAL0020365506001, received 2025-06-26
Contract administrator fees$25,200Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20250626074041NAL0020365506001, received 2025-06-26
Recordkeeping fees-$158,249 (filed as negative)Schedule H, line 2i(3); OTH_RECORDKEEPING_FEES_AMT pos 160; filing 20250626074041NAL0020365506001, received 2025-06-26
IQPA audit fees$0Schedule H, line 2i(4); IQPA_AUDIT_FEES_AMT pos 161; filing 20250626074041NAL0020365506001, received 2025-06-26
Investment advisory and management fees$2,248,624Schedule H, line 2i(5); INVST_MGMT_FEES_AMT pos 107; filing 20250626074041NAL0020365506001, received 2025-06-26
Administrative expenses excluding investment management$217,020derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250626074041NAL0020365506001, received 2025-06-26
Held in master trusts$0Schedule H, line 1c(11) col (b); INT_MASTER_TR_EOY_AMT pos 53; filing 20250626074041NAL0020365506001, received 2025-06-26
Held in common/collective trusts$6,800,317,562Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20250626074041NAL0020365506001, received 2025-06-26
Held in mutual funds$1,231,177,344Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20250626074041NAL0020365506001, received 2025-06-26
Independent auditorCARR, RIGGS AND INGRAM LLCSchedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20250626074041NAL0020365506001, received 2025-06-26

Position = column in the DOL layout for form year 2024. Filing 20250626074041NAL0020365506001, received 2025-06-26.

Service providers paid directly by the plan

ProviderRelationshipService codesDirect compensationIndirect
STRATEGIC ADVISORS, INC.ADVISOR 27 Investment advisory (plan) $2,248,624no
LEGAL & GENERAL INVESTMENT MGMT AMINVESTMENT ADVISOR 28 Investment management $260,069no
MERCER, LLCFIDUCIARY 31 Named fiduciary $90,000no
FIDELITY INVESTMENTS INSTITUTIONALrecordkeeperRECORDKEEPER 37 Participant loan processing; 60 Sub-transfer agency fees; 64 Recordkeeping fees; 65 Account maintenance fees; 71 Securities brokerage commissions and fees $-126,005yes

Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20250626074041NAL0020365506001, received 2025-06-26.

What changed since the 2023 plan year

Figure20232024Change
Total assets$10,120,701,726$9,231,001,739-8.8%
Participants with a balance67,07954,653-18.5%
Administrative expenses$1,963,598$2,465,64425.6%
Recordkeeping fees per participantnot reportednot reported
Employer contributions$260,645,308$197,297,679-24.3%

Prior filing 20240701082120NAL0005140032001, received 2024-07-01; the plan years are contiguous.

Alerts, claims and corrections

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Sponsor name as filed: TRUIST FINANCIAL CORPORATION; SEC registrant: TRUIST FINANCIAL CORP (CIK 92230, matched by EIN; display name from the Form 11-K cover).