Thread regarding Truist Bank layoffs

It appears Insurance was likewise locked out of estimates.

Only Truist Bank has a pension. Those of us in Truist Securities had a pension for 7.5 months and then we were told we are no longer bank employees but Truist Securities employees, and are not eligible for the pension. To this day, we can not see our pension online, and HR can't explain why, but will mail you a statement several weeks later .
SunTrust's frozen pension and the 7.5 months of Truist Bank pension are not separated on the statement.
Something is rotten in Denmark.

Thanks to the person who gave an explanation of the funding situation. Now if HR would just bother to explain that, maybe folks wouldn’t have a d@mn heart attack.

None of that matters. Bill Rogers took over CEO at SunTrust in June 2011. In November 2011 the pension was frozen. Cutting the funding level to the Truist pension is the first step. By the end of this year, or early next year, it will be frozen. Money that would go to your pension will be gifted to Blackrock etc in the form of buybacks, or maybe a new plane for Bill to tool around.

The law requires annual contributions to qualified pension plans to ensure they remain adequately funded. You can either contribute annually based on the formula for plan assets/plan liabilities or, you can do what Truist does and "prepay" the minimum contributions.

If you take a look at the statement, the plan actually has ~12.5bn in assets and 6.5bn in liabilities. However, when you calculate the minimum funding amount you subtract from total assets what assets have been contributed for the purpose of "prepaying" the plan. So, annually, instead of making additional contributions, you just move the amount of minimum funding required from the prepaid component to the plan asset component. Now, if our plan liabilities remain relatively consistent (they should), then to burn through the "prepaid" component of the assets at 300m a year will take 15 years. (5bn/300m)

This is a rough explanation as there are complexities to the actuarial calculations (death rates, interest rates, etc.)

I am confused regarding those who say the Pension is overfunded and doesn’t need additional contributions vs. “minimum required contribution”.

Please clarify.

Did you look at the statement? 12.5bn in assets (14.5bn fair value) vs 6.5bn in estimated liabilities.

Of those 12.5bn in assets, 5.5bn are prefunded credits and like 1.5bn in carryover. Subtract those gets to the "underfunded" number to determine how much needs to be "contributed" for the year.

The pension is so over funded that they likely won't make another capital contribution for over a decade (maybe two)

Overfunded by 7bil? How? Where is this shown in the annual funding notice?

Re: Executive leadership has looted this bank for their own benefit.

Sadly, this is true. Did you see the shareholder meeting deck showing Bill’s 120% AIP payout?

https://filecache.investorroom.com/mr5ir_truist/864/2024-Truist-Proxy-Statement.pdf

Y'all realize our pension is over funded by like 7 billion right?

How long before the pensions are sold off to an off-shore company to manage like other corporations are doing right now?

Anyone who is not currently collecting this pension should understand that the pension will be gone. Your vested interest, if you have one, will be converted to a lump sum cash balance that will be worth much less than the pension would provide were it to survive. You need only look at everything else they are taking from teammates to understand Bill and friends.

Executive leadership has looted this bank for their own benefit.

Hopefully this is where some of the money from the TIH sale will be directed. From what I understand Federal law requires that they keep it funded to a certain percentage.