Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 424

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 424
---
 time horizon that extends well beyond a full market cycle and can assume an above-average level of risk, as measured by the standard deviation of annual return. The investments are broadly diversified among economic sector, industry, quality, and size in order to reduce risk and to produce incremental return. Within approved guidelines and restrictions, investment managers have wide discretion over the timing and selection of individual investments.Truist periodically reviews its asset allocation and investment policy and makes changes to its target asset allocation. Truist has established guidelines within each asset category that are designed to appropriately balance risk and reward. The following table presents the fair values of the qualified pension plan assets by asset category:(Dollars in millions)Target AllocationDecember 31, 2024December 31, 2023MinMaxTotalLevel 1Level 2TotalLevel 1Level 2Cash and cash-equivalents(1)$167 $167 $— $309 $309 $— U.S. equity securities19.5 %29.5 %4,005 2,774 1,231 3,699 2,674 1,025 International equity securities5.5 15.5 1,639 240 1,399 1,757 253 1,504 Fixed income securities(2)50.0 60.0 7,667 13 7,654 7,819 — 7,819 Total$13,478 $3,194 $10,284 $13,584 $3,236 $10,348 (1)Includes funds held in a short-term, government money-market fund.(2)2024 includes a mutual fund in the fixed income securities asset allocation.International equity securities include certain pooled investment vehicles, such as a common/commingled fund, which consist of assets from several investors, pooled together, to reduce management and administration costs. At December 31, 2024 and 2023, investments totaling $1.1 billion and $883 million, respectively, have been excluded from the table above as these investments are valued based on net asset value as a practical expedient.Defined Contribution PlansTruist offers a 401(k) Savings Plan and other defined contribution plans that permit teammates to contribute up to 50% of cash compensation. On January 1, 2024, Truist updated its matching contribution to match up to 4% of the employee’s