401(k) · DOL Form 5500 · 2023

Truist Financial Corporation 401(k) Plan

Data updated 2026-08-25

$10.1B
Total assets Mega-plan scale
55,480
Participants Very large workforce
100th
Percentile by assets National rank
$182,421
Avg per participant Above avg balance/head
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Official DOL plan name: Truist Financial Corporation 401(k) Savings Plan · Sponsored by Truist Financial Corporation · North Carolina · Finance & Insurance

$10.1B in assets, 55,480 participants

Truist Financial Corporation's Truist Financial Corporation 401(k) Savings Plan reported $10.1B in total assets and 55,480 participants in its 2023 DOL Form 5500 filing, ranking in the 100th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #8,851 in Finance & Insurance (8,869 peers)

Coverage in North Carolina

Truist Financial Corporation 401(k) Savings Plan covers 55,480 participants in North Carolina, 68x the typical North Carolina plan (state average ~819 per filing). Assets: $10.1B.

#8,851
in Finance & Insurance (8,869 peers)
+12.9%
assets growth YoY
102×
vs typical plan assets (national mean)

Truist Financial Corporation 401(k) Savings Plan's outsized position by total assets

Truist Financial Corporation 401(k) Savings Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$10,120,701,726 Highest reported value at or above every one of 127,068 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

Truist Financial Corporation 401(k) Savings Plan's mega-plan peer group by participant headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Truist Financial Corporation 401(k) Savings Plan is a mega filing (55,480 participants), the rightmost band on the breakdown.

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Truist Financial Corporation 401(k) Savings Plan reported net income rose from -$2.0B in the plan year 2022 filing to $1.2B in the plan year 2023 filing.
  • Truist Financial Corporation 401(k) Savings Plan end-of-year assets rose from $9.0B in the plan year 2022 filing to $10.1B in the plan year 2023 filing.
  • Truist Financial Corporation 401(k) Savings Plan reported participants rose from 51,871 in the plan year 2022 filing to 55,480 in the plan year 2023 filing.

See the national 2022→2023 release diff →

Published 5500 schedule card

Filing strip 560939887 · Truist Financial Corporation PY 2023 · 401(k)

Truist Financial Corporation 401(k) Savings Plan · $10.1B · 55,480 · 100th

  • RANK $10.1B
  • RANK 55,480
  • RANK 100th
  • RANK 401(k)
  • RANK near The Sherwin-Williams Company 401(k) Plan
  • RANK ind #8851

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with Finance & Insurance retirement plans → · Plans in North Carolina →

Truist Financial Corporation 401(k) Savings Plan in the asset neighbourhood

U.S. Bank 401(k) Savings Plan$10.3BMarriott Retirement Savings PlanMarriott Retirement Savings …$10.2BThe Sherwin-Williams Company 401(k) PlanThe Sherwin-Williams Company…$10.1BTruist Financial Corporation 401(k) Savings PlanTruist Financial Corporation…$10.1BThe Dow Chemical Company Employees' Savings PlanThe Dow Chemical Company Emp…$10.1B
End-of-year total assets ($B) among Truist Financial Corporation 401(k) Savings Plan and nearest nationwide 401(k) peers. Source: DOL Form 5500 plan year 2023.

North Carolina filing particulars

Total Assets (Beginning of Year)$9.0B
Net Assets (End of Year)$10.1B
Net Income$1.2B
Employer EIN560939887
Plan Effective Date1982-07-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Truist Financial Corporation)

Sponsor-wide plan assets over time

All Truist Financial Corporation plans reported in each filing year

Latest sponsor-wide plan assets
$23.9B 11.676229271829822% vs 2022
2024 filing year
$21B$22B$23B$24B$25B$26B 202220232024 $21.4B $23.9B ▲ +11.7%
Year Plans Participants Total Assets
2022 2 89,802 $21.4B
2023 2 101,298 $24.7B
2024 2 91,247 $23.9B

Nearby 401(k) Plans in North Carolina

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Truist Financial Corporation 401(k) Savings Plan vs. nearby 401(k) plans in North Carolina, assets vs. participants Scatter plot of 6 data points. 0100000200000300000400000 0204060 Total assets ($B) Participants Truist Financial Corporation 401(k) Savings Plan, Total assets ($B): 10.120701726 · Participants: 55480Truist Financial Corporation 401(k) Savings PlanThe Bank of America 401(k) Plan, Total assets ($B): 54.848846192 · Participants: 173899The Bank of America 401(k) PlanHoneywell 401(k) Plan, Total assets ($B): 15.388124058 · Participants: 40004Honeywell 401(k) PlanDuke Energy Retirement Savings Plan, Total assets ($B): 10.354065 · Participants: 28121Duke Energy Retirement Savings PlanNucor Corporation Profit Sharing and Retirement Savings Plan, Total assets ($B): 8.510660989 · Participants: 24174Nucor Corporation Profit Sharing and Retirement Savings PlanLowes 401(k) Plan, Total assets ($B): 8.108634836 · Participants: 295676Lowes 401(k) Plan
Truist Financial Corporation 401(k) Savings Plan vs. nearby 401(k) plans in North Carolina, assets vs. participants
Compare Truist Financial Corporation 401(k) Savings Plan side-by-side with 3 peers →

Scale composition for Truist Financial Corporation 401(k) Savings Plan

Truist Financial Corporation 401(k) Savings Plan reports $10.1B in end-of-year assets across 55,480 participants (0.082% of the $12.3T held by all Form 5500 filers in the national rollup , and 0.059% of 93,925,755 covered participants) - about $182,421 per participant (1.3x the national average assets-per-participant) . Net income for plan year 2023 was $1.2B.

This plan identity (EIN 560939887, plan #003) has 3 Form 5500 filings on file from 2022 to 2024 , with end-of-year assets moving from $9.0B to $9.2B (+3.0%) while covered participants moved from 51,871 to 52,699 . Single-year sparse filers cannot show that trail.

Plan year Participants EOY assets Filing
2022 51,871 $9.0B Open filing
2023 55,480 $10.1B This page
2024 · index core 52,699 $9.2B Open filing

The same sponsor also keeps 2 other index-core plans on PlainRetire:

Truist Financial Corporation 401(k) Savings Plan's out-of-state 401(k) peers by assets and headcount

Outside North Carolina, the nearest 401(k) by assets is The Sherwin-Williams Company 401(k) Plan in OH ($10.1B); by covered participants it is Ross Stores, Inc. 401(k) Savings Plan in CA (55,389 participants). Same-state nearby plans are listed separately above.

Closest by plan assets

Nearest other-state filings by tot_assets_eoy ($10.1B here).

Similar participant headcount

Nearest other-state filings by covered participants (55,480 participants); asset peers above are excluded.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did Truist Financial Corporation 401(k) Savings Plan assets move in 2023? ▼
Truist Financial Corporation 401(k) Savings Plan grew at a solid clip - up 12.9% during 2023, from $9.0B to $10.1B. Reported net income was $1.2B.
How have Truist Financial Corporation plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Truist Financial Corporation's sponsor-wide assets grew 11.7%, from $21.4B to $23.9B.
Where does Truist Financial Corporation 401(k) Savings Plan rank by assets among Form 5500 filers? ▼
Truist Financial Corporation 401(k) Savings Plan ranks in the 100th percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (among the largest 1% of all filed plans).
Which 401(k) plans are similar in size to Truist Financial Corporation 401(k) Savings Plan? ▼
Among 401(k) plans in other states, the closest by assets is The Sherwin-Williams Company 401(k) Plan in OH ($10.1B, 47,362 participants).
Which 401(k) plans cover a similar participant headcount to Truist Financial Corporation 401(k) Savings Plan? ▼
Among 401(k) plans in other states, the closest by covered participants is Ross Stores, Inc. 401(k) Savings Plan in CA (55,389 participants, $873M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 560939887.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.