Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 59

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 59
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 information regarding the perquisites provided to our named executives, see the 2024 Summary Compensation Table.

| 56 |     | | 2025 Proxy Statement |

Compensation Discussion and Analysis BENEFIT PLANS During 2024, we maintained teammate benefit plans that constitute a portion of the total compensation package available to the named executives and all eligible teammates of Truist. These plans consist of the following:

| • | the Truist Financial Corporation 401(k) Savings Plan (the “401(k) Plan”), which in 2024 permitted teammates to contribute up to 50% of their cash compensation on a tax-deferred or after-tax basis, within certain Internal Revenue Service (“IRS”) limits, with Truist providing (a) matching contributions of up to 4% of a participant’s cash compensation and (b) discretionary contributions based on Truist’s achievement of certain financial goals, which in each case are 100% vested when made |

| • | a medical plan that provides coverage for all eligible teammates |

| • | disability insurance which pays a teammate 50% of their monthly compensation in the event of disability, subject to a cap of $35,000 per month (excluding executive officers) |

| • | certain other teammate benefits (such as sick leave, vacation, dental and vision coverage, etc.) |

These teammate benefits are determined by the same criteria applicable to all of our teammates, unless otherwise noted. In general, benefits are designed to provide a safety net of protection against the financial catastrophes that can result from illness, disability, or death, and to provide a reasonable level of retirement income based on years of service with Truist. These benefits are part of the strong value proposition we offer our teammates and help keep us competitive in attracting and retaining teammates. We believe that our teammate benefits are generally on par with benefits provided by our peer group and consistent with industry standards. PENSION PLANS In addition to the benefit plans described above, we maintain two pension plans:

| • | the Truist Financial Corporation Pension Plan (the “Pension Plan”), a tax-qualified defined benefit retirement plan for eligible teammates |

| • | the Truist Financial Corporation Non-Qualified Defined Benefit Plan (the “Non-Qualified Defined Benefit Plan”), which is designed to augment the benefits payable under the Pension Plan to the extent such benefits are curtailed by IRS limits |

The Pension Plan and the Non-QualifiedDefined Benefit Plan are broad-based benefits, and the named executives