Company: TFC
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000092230-25-000071
Chunk: 5

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-06-24
Form: 11-K
Chunk 5
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 Allocations among fund options offered by the Plan may be changed on a daily basis. Participants may also contribute funds from other tax-qualified plans as rollover contributions.

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. On February 27, 2025, the Company made a 1% discretionary matching contribution for the 2024 Plan year to eligible participants in accordance with the Plan document. The contribution amount was $36,317,643, which was recorded as an employer contribution receivable in the Statements of Net Assets Available for Benefits as of December 31, 2024.

Prior to the divestiture of CRC Insurance Services, Inc. and AmRisc, LLC on May 6, 2024, their respective Board of Directors were also permitted to make profit sharing contributions. For the year ended December 31, 2024, no profit sharing contribution was made.

#### Vesting
Participants are vested immediately in their contributions, employer matching and profit sharing contributions and actual earnings allocated to their account. Non-vested employer matching contributions may occur as a result of participants in predecessor plans that have terminated their employment with their employer.

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Truist Financial Corporation 401(k) Savings Plan Notes to Financial Statements December 31, 2024 and 2023

#### Notes Receivable from Participants
Participants may borrow from their account balances an amount not to exceed the lesser of $50,000 (less adjustments as required by the Internal Revenue Service (“IRS”)) or 50 percent of their account balance. The minimum loan amount allowed by the Plan is $1,000. Only one loan can be taken during the Plan year and a participant may have only one loan outstanding at any time. The interest rate charged on amounts borrowed is equal to Truist Bank’s prime lending rate plus 1% at the loan origination date. Principal and interest is paid ratably through payroll deductions. Loans from merged plans are carried at the terms and conditions that were set by the predecessor plans.

#### Payment of Benefits
Upon termination, a participant may elect to have distributions paid from their account in installments, a lump sum or any combination of the two. Retired participants may elect installment payments to occur over a period not to exceed the participant's life expectancy, or the life expectancy of the participant and beneficiary. Hardship withdrawals are allowed by the Plan in