Am I missing something? Truist is one of the few companies that offer a pension. This is free money for the rest of your life after you retire. Is this one of the reasons why employees stay rather than leave for a potential higher salary?
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It’s gone, Drew! It’s gone
Im almost certain that they sent an email back this summer about freezing the pension. Something along the lines of your current vested years is what it will stay at.
It may only be a matter of time before they get rid of this benefit too sadly
The pension as calculated over BB&T’s existence was based on high FIVE earnings years CONSECUTIVE.
Generally, for most this would be their last five years, but for sales roles or others with uneven or cyclical bonus payouts, it may not be. Note that you can’t cherry-pick five big individual years, as the five years need to be consecutive.
If it has recently changed to three years, I was not aware - but I would be shocked if they changed the “consecutive years” rule.
Shut up losers! I know who you are. And I’m gonna tell HR.
Not sure why two down votes on definition of “years with Truist”. He or she is correct.
“Years with Truist” for hBBT is total tenure. For hSTI it’s from LD1. They’re not telling everyone that until they ask! So when estimating your monthly payout benefit, if you’re STI and have 10 years with STI and 5 with TFC, the number to use for payout benefits is FIVE, not 15.
I'm personally gonna hit my 5 and then re-evaluate from there. Yeah, the pension isn't gonna sustain you all on its own, but combined with a 401k, possibly social security benefits, and IRAs, You can have a respectable retirement.
Sometimes you never know how close rock bottom is and having that may be the thing that prevents you from hitting.
When you read the Pension Plan document, it says the Pension benefit calculation formula is based on 1% of average annual compensation (the average is determined using your highest compensation during any consecutive 5 calendar years out of the last 10 years). Multiplied by years of service with Truist in which you have worked at least 1,000 hours (maxim of 35).
Yes, thank you for clarifying….. “high” three years, not “last” three years. Definitely a nice benefit for anyone at BBT for a long time. STI not as much because the “per year of service” part of that payout math only starts from Legal Day One, not your actual service tenure (again, STI only).
actually the pension payout is 1% per year of service based on avg of high 3 years. For example if a person had 30 years of service and their high 3 years averaged 100k their pension would be 30k a year when they started drawing it
Pension is the only reason a lot of people are still here.
The pension WAS a reason to stay, especially for hBBT with several years of service. It maybe no longer IS a reason to stay for anyone within a few years of retirement, but it depends on your income and your time horizon . Loose Rule of thumb: every year you stay = 1% of your average annual cash compensation in annual pension benefit (assuming you’re eligible, vested, and retire under the pension terms). Assuming $100,000 per year average income for the last three years, and 5 years of pension-eligible service (legal day one for hSTI, regardless of actual tenure), estimated annual pension would be $5,000. For six years, it would be $6,000. $1,000 a year? Nah, not worth staying if you’re punching out soon anyway. Now, if your income is $300,000/yr, that’s a different story. Another $3,000 per year in retirement income might be worth staying. Note this is not an official opinion, just the way I understood it when I left.
"Well 2024 was pretty darn good for Truist and where is it? Teammates see right through the lies and BS! "
Part of it is in the 3 corporate jets they bought last year.
@aw+1jjsdcs8e- Correct. When Truist lowered 401k match from 6% to 4%, that was a 33% reduction in terms of the match. Executives stated an additional discretionary 1% match would be made in Q4 if the bank performs well for the year. Well 2024 was pretty darn good for Truist and where is it? Teammates see right through the lies and BS!
1% is less than you would have if they had not lowered the 401k match. Ally has a 2% 40lk contribution to make up for their pension being discontinued, a 6% match, and a 2% of base special contribution every year. Truist was just barely competitive before they lowered their match. We are below all competitors.
For anyone that is mildly competent that is still working for Truist, I can only assume it is for the Pension; because that is the only reason I am still here. I am counting the days until retirement and I still have years to go. The pension is the only thing Truist has other FIs don’t. Once they freeze the pension there will be a massive exodus, especially from hBBT teammates. I know I will be one of them.
Oh wow - that $300 per month is REALLY going to sustain me. No way I'm working (especially for Truist) up to age 65 to get the full payout (which by that time will be chump change with inflation).
Aren’t the boomers already retired?
For the boomers, yes. They aren’t going to work anywhere else. Their next step is retirement