Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 423

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 423
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 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 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