Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 270

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 270
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)$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 compensation for full-time teammates who are 21 years of age or older with one year or more of service and may provide an additional limited discretionary matching contribution. Prior to January 1, 2024, Truist made matching contributions of up to 6% of the employee’s compensation. The Company’s contribution expense for the 401(k) Savings Plan and nonqualified defined contribution plans totaled $190 million, $206 million and $207 million for the years ended December 31, 2024, 2023 and 2022, respectively. Certain teammates of subsidiaries participate in the 401(k) Savings Plan with different matching formulas.

138   Truist Financial Corporation

Equity-Based Compensation PlansAt December 31, 2024, RSAs, RSUs, and PSUs were outstanding from equity-based compensation plans that have been approved by shareholders and plans assumed