Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 268

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 268
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 Truist Financial Corporation

Activity in the projected benefit obligation is presented in the following table:Year Ended December 31,(Dollars in millions)Qualified PlanNonqualified Plans2024202320242023Projected benefit obligation, January 1$7,994 $7,924 $659 $655 Service cost294 308 25 33 Interest cost411 411 33 35 Actuarial (gain) loss(1)(862)93 (100)(36)Benefits paid(318)(507)(30)(28)Other(2)(76)(235)(22)— Projected benefit obligation, December 31$7,443 $7,994 $565 $659 Accumulated benefit obligation, December 31$6,816 $7,134 $536 $567 Weighted average assumptions used to determine projected benefit obligations:Weighted average assumed discount rate5.82 %5.12 %5.82 %5.12 %Assumed rate of annual compensation increases4.50 4.50 4.50 4.50 (1)For the qualified and nonqualified plans, the 2024 gain is primarily driven by an increase in the weighted average assumed discount rate. For the qualified plan, the 2023 loss is primarily due to decreases in the assumed discount rate, net of the impact of actual plan experience. For the nonqualified plans, the 2023 gain is primarily due to impact of plan experience.(2)In 2024, the Company recognized a gain related to the remeasurement of the plan following the sale of TIH. In 2023, the Company entered into a transaction to sell a portion of the pension obligations to a third party for certain participants in the qualified defined benefit plan.Activity in plan assets is presented in the following table:Year Ended December 31,(Dollars in millions)Qualified PlanNonqualified Plans2024202320242023Fair value of plan assets, January 1$14,558 $12,462 $— $— Actual return on plan assets441 1,533 — — Employer contributions— 1,305 30 28 Benefits paid(318)(507)(30)(28)Other— (235)— — Fair value of plan assets, December 31$14,681 $14,558 $— $— Funded status, December