Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 269

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 269
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31$7,238 $6,564 $(565)$(659)The following are the pre-tax amounts recognized in AOCI:(Dollars in millions)Qualified PlanNonqualified PlansDec 31, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023Prior service credit (cost)$(1)$(21)$1 $20 Net actuarial gain (loss)(857)(1,283)52 (72)Net amount recognized$(858)$(1,304)$53 $(52)Truist may periodically make contributions to the qualified pension plan based on the plan’s funded status and other factors in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes. Truist does not currently expect contributions for 2025. For the nonqualified plans, employer contributions are based on benefit payments.

Truist Financial Corporation   137

The following table reflects the estimated benefit payments for the periods presented:(Dollars in millions)Qualified PlanNonqualified Plans2025$361 $34 2026373 39 2027390 35 2028406 36 2029424 36 2030-20342,778 194 The Company’s primary total return objective is to achieve returns that, over the long term, will fund retirement liabilities and provide for the desired plan benefits in a manner that satisfies the fiduciary requirements of ERISA. The plan assets have a long-term time horizon that runs concurrent with the average life expectancy of the participants. As such, the Plan can assume a 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