Any thoughts on this unwelcome news?
28 replies (most recent on top)
@aj not everyone qualifies for the pension so your comparison is wrong.
@zk a well run company would give their employees who drive revenue the 1% they stole instead of spending it on another baseball team and golf tournament. And when you sis down with your manager or look at Truist’s compensation sheet it includes everything including what by law they are required to provide. But you cut the 1% it doesn’t matter, right?
@1bh we used to receive a 6% match in 401k. That was changed to 4% with a discretionary additional 1% - which would make the total match 5%. We were given the 1% in 2025 - but not in 2026.
@OP ELI5 what’s the discretionary 401k match
@zk Since I made AVP, I’m rolling in money. So much money that 1% could probably put one of my kids through college. Of course, that would require having kids… which I don’t, because to make AVP you must work nonstop and not be distracted by kids, or a spouse, or friends, or hobbies, or any life really.
@zk Sense of entitlement is disgusting.
Amazing how much and how little 1% is.
“You don’t wanna give out bonuses, fine. But when people count on them as part of their salary….”
- Clark W. Griswold
It was discretionary, what about that do some of you not get?
@vx a “Manager News” email was sent out on 3/19 saying “as managers, we want you to know there is no additional discretionary 401(k) match this year”. Managers were asked to share with teammates that “strong performance is the clearest path to making future discretionary contributions possible”. Your manager should tell you about this directly but assume it will sneak onto the source like a thief in the night eventually.
Please provide proof of this because no one in my division has heard anything. There is also nothing on The Source.
@OP and this follows the cluster that has been the past days after the Salesforce FSC conversion DISASTER. Who ever headed up that project should be fired.
@av banks have been for shareholders when they went public. Check out Wells and BoA
@ay except bits here have been predicting that for 5 years.
@gd It really is trifling for executives to be awarded millions and millions in bonuses but won't put coffee in the breakroom.
What do you expect from a company that cannot supply coffee and tea the break room?!?!?
Have you not seen the share price. This stock is one recession away from trading down to the teens.
Bill made over 14 mil in 2025, a large part of which came from company performance based incentive pay. So we performed well enough to give one dude millions.
@aw Believe it or not. I’m on your side. This place seems to be being setup for sale in 2 years.
The 401(k) match went away so the Baltimore Orioles can have the Truist Club. Another great use of money after the Charlotte Hornets.
@av A 33% loss since MOE completed is for the shareholders?
Suntrust just settled a $240 million lawsuit. Searched out KK for merger to help get suntrust on track. But it’s not for the employees now, it’s for stockholders. Buy stock if you want to be rewarded.
This bank is pathetic. Cut the match. Cut the Pension. Cut the ESPP. No match. Give raises to the C-suite for failing and nothing to the employees trying to make their unreal plans work.
Next, they will start paying people with only shares, then start shorting the stock.
Oh, great—love this update. After all the talk about what a “fantastic” year we had, you’d think that promised 1% discretionary match might actually show up. But I guess that was just more lip service from Bill and crew. I was under the impression Truist’s 401(k) match was 5%, but apparently that extra 1% lives in the same place as all those assurances—nowhere. So, effectively, it’s 4%. Cool.
I never really counted on it, I always figured it was just a matter of time before it disappeared. We started with a pension and a 6% 401(k) match. Then it dropped to 4% with a discretionary contribution, which felt like the first step in a slow phase-out.
I wouldn’t be surprised if the next move is a survey asking, “Would you rather have a pension or a higher 401(k) match?”; framed as a choice, but not really one. The pension gets frozen, and in exchange they bump the match back up to 6% and present it as an enhancement.
The reality is, that just brings us back to where we started but with no pension and most people won’t connect those dots because not many people are left that were here at merger.
This is no different than annual enrollment. People don't pay attention to the surveys and then act shocked when the possible outcomes Truist listed become reality. This what the majority selected when they participated.
@af I M no expert..but I detect sarcasm.. ;)
Champions don't need handouts.