# Truist Financial Corporation 401(k) Plan
Source: https://planprovider.pro/companies/truist-financial-corporation-401k-plan

> Truist Financial Corporation's 401(k) plan: 38,574 participants, plan year 2024 financials, providers, and benchmarks from Form 5500.

Form 5500 filing data for plan year 2024.

## Plan Snapshot

- **Plan Sponsor:** Truist Financial Corporation

- **Sponsor EIN:** 560939887

- **Sponsor Address:** 214 N. TRYON STREET, CHARLOTTE, NC, 28202

- **Plan Type:** 401(k)

- **Total Participants:** 38,574

- **Total Assets:** $9.2B

## Key Plan Design Features

- **Auto-Enrollment:** Yes

- **Auto-Escalation:** No

- **Allows Roth Contributions:** No

- **Participant Loans:** Yes

- **Participant-Directed Investments:** Yes

- **ERISA Section 404(c) Fiduciary Safe Harbor:** Yes

## Plan Financials by Year

| Year|Participants|Total Assets|Employer Contrib.|Employee Contrib.|

| 2024|38,574|$9.2B|$197.3M|$350.5M|

| 2023|52,699|$10.1B|$260.6M|$412.5M|

| 2022|55,480|$9.0B|$255.5M|$387.8M|

## Service Providers (Schedule C)

Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).

| Provider Name|
Role|
Direct Compensation|
Indirect Compensation|
Total Fees|

| STRATEGIC ADVISORS, INC.|ADVISOR|$2,248,624|—|$2,248,624|

| LEGAL & GENERAL INVESTMENT MGMT AM|INVESTMENT ADVISOR|$260,069|—|$260,069|

| MERCER, LLC|FIDUCIARY|$90,000|—|$90,000|

| CARR, RIGGS AND INGRAM LLC|Auditor|—|—|$0|

### Verified Provider Profiles

Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:

- [STRATEGIC ADVISORS, INC.](https://planprovider.pro/provider/creative-planning) — ADVISOR

## Plan Fees & Expenses

Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.

- **Total Service Provider Fees:** $2,598,693

- **Estimated Expense Ratio:** 0.028% of plan assets

### Historical Administrative Expenses

Breakdown of administrative expense categories reported on Form 5500 filings.

| Year|
Total Admin Expenses|
Investment Mgmt Fees|
Contract Admin Fees|
IQPA Audit Fees|
Professional Fees|

| 2024|$2,465,644|$2,248,624|$25,200|—|—|

| 2023|$1,963,598|$2,076,496|$25,800|—|—|

| 2022|$2,236,533|$1,880,929|—|—|—|

## Similar Plans

- [Truist Financial Corporation](https://planprovider.pro/companies/truist-financial-corporation-plan-001) — 33,167 participants

- [First-Citizens Bank & Trust Company](https://planprovider.pro/companies/first-citizens-bank-trust-company-401k-plan-003) — 15,787 participants

- [First Bancorp](https://planprovider.pro/companies/first-bancorp-401k-plan) — 1,396 participants

- [Live Oak Banking Company](https://planprovider.pro/companies/live-oak-banking-company-401k-plan) — 1,037 participants

- [First-Citizens Bank & Trust Company](https://planprovider.pro/companies/first-citizens-bank-trust-company-plan-001) — 861 participants

- [First-Citizens Bank & Trust Company](https://planprovider.pro/companies/first-citizens-bank-trust-company-401k-plan-002) — 669 participants

[View full interactive plan profile on PlanProvider.Pro](https://planprovider.pro/companies/truist-financial-corporation-401k-plan)

© 2026 PlanProvider.Pro