Truist Financial Corporation 401(k) Review & Grade
Truist Financial Corporation 401(k) Savings Plan
Charlotte, NCFinance & Insurance45,636 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,323Employer $ per active participant
$7,679Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$9.2BNet plan assets, end of year
$168,902Average balance per account
Score breakdown
- Employer generosity17.6 / 5035th percentile for employer $ per participant
- Low cost21.7 / 2587th percentile for low admin cost vs. same-size plans
- Employee saving3.6 / 1524th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 35th |
| Lower admin cost | 87th |
| Employee saving | 24th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $98,535 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Truist Financial put in about $4,323 per active participant, below the typical peer ($5,179). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $197,297,679 |
| Participant (employee) contributions | $350,464,133 |
| Other contributions (incl. rollovers in) | $50,898,163 |
| Administrative expenses paid from the plan | $2,465,644 |
| Contract administrator fees | $25,200 |
| Investment advisory & management fees | $2,248,624 |
| Other admin expenses | $350,069 |
| Benefits paid out | $1,115,592,466 |
| Net assets, start / end of year | $10.1B / $9.2B |
| Active participants, start / end of year | 52,699 / 38,574 |
| Participants with account balances | 54,653 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Carr, Riggs and Ingram LLC |
| Employer stock held by plan | $507,886,676 |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $2,248,624 reported compensation |
| Legal & General Investment Mgmt Am | $260,069 reported compensation |
| Mercer, LLC | $90,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250626074041NAL0020365506001, received 2025-06-26, EIN 56-0939887, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.