Truist Financial contributes $1.3 billion to pension fund

Truist Financial Corp., Charlotte, N.C., disclosed discretionary pension contributions totaling $1.3 billion that have been completed since the beginning of 2023 in its 10-K filing with the SEC on Tuesday.

The commercial bank also disclosed it made discretionary contributions to its pension plan totaling $431 million in 2022.

The new contribution, which Truist said was completed in the first quarter of 2023, comes even as its Truist Financial Corp. Pension Plan had a funding ratio of 157.2% as of Dec. 31, up from 156.8% a year earlier, according to the filing.

The plan's fair value of plan assets was $12.462 billion as of Dec. 31, while projected benefit obligations totaled $7.924 billion, according to the 10-K filing.

The company also said in the report that "management may make additional contributions in 2023."

As of Dec. 31, the pension plan had a discount rate of 5.3%, up from 3.18% the year before.

The pension plan's actual allocation as of Dec. 31 was 55.7% fixed income, 27.2% domestic equities, 14.3% international equities, and 2.8% cash and cash equivalents.

Officials at Truist could not be immediately reached for further information.