Truist Financial Corp., Charlotte, N.C., made a discretionary contribution of $387 million to its qualified pension plan during the first quarter of 2021.
The company disclosed in a 10-K filing with the SEC on Wednesday that it might make additional contributions before the end of the year but did not specify any amounts.
Truist added in the filing that it "makes contributions to the qualified pension plan in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes."
The company contributed $373 million to the plan in 2020.
As of Dec. 31, the pension plan's assets totaled $14.6 billion, while projected benefit obligations totaled $10.3 billion, for a funding ratio of 142%, up from 140.6% the year before.
The plan's discount rate was 3.45% as of Dec. 31, down from 4.43% a year earlier.
As of Dec. 31, the actual allocation of the plan was 47.5% domestic equities, 38.7% fixed income, 11.6% international equities, and the rest in cash and cash equivalents.
