Suntrust's 2003 401(K) Investment Strategy: A Historical Overview

SunTrust Banks offers a 401(k) retirement plan for its employees. The plan was established in 1986 and qualifies as a cash-or-deferred arrangement under Sections 401(k) and 401(m) of the Code. The assets of the plan are invested primarily in the company's common stock.

SunTrust 401(k) Plan was merged into Truist Financial 401(k) Savings Plan in 2020

The SunTrust 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan on July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019.

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan, effective July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019.

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan on July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019.

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan on July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019.

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan on July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019.

Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in 2019

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan, effective July 31, 2020. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist,” Ms. Konrath said. A comparison of the company’s 11-K filing Monday with the SEC Truist's prior 11-K filing and the SunTrust plan's 2019 Form 5500 filing shows the newly merged plan added 10 mutual funds not previously held in either plan. Truist Financial offers SUNTRUST BANKS, INC. 401(K) PLAN through Fidelity. Their plan covers 33,540 employees. Truist Financial Corporation is a leading financial institution that was formed in December 2019 through the merger of BB&T and SunTrust Banks. Founded in 1872, BB&T was one of the largest banking organizations in the United States and has been providing retail and commercial banking services for more than 145 years. SunTrust Banks, Inc., founded in 1891, operated primarily across the southern part of the country with a focus on consumer, commercial real estate finance, capital markets activities and wealth management services.

SunTrust Banks Inc. 401(k) Plan was always an Employee Stock Ownership Plan (ESOP) before 2007

The SunTrust Banks Inc. 401(k) Plan was always an Employee Stock Ownership Plan (ESOP) before 2007. The primary purpose of the ESOP is to provide participants with beneficial ownership of employer stock. Before 2007, the plan was designed to invest primarily in employer stock. Effective January 1, 2007, the plan was converted to a Code Section 401(k) Plan with an Employer Stock Fund that constitutes an employee stock ownership plan (ESOP) within the Plan. The sponsoring company contributes newly issued stock, existing treasury stock, or cash to the Plan, which is then used to purchase shares.

ESOP portion of the SunTrust Banks Inc. 401(k) Plan invests in employer stock

The SunTrust Banks Inc. 401(k) Plan was always an Employee Stock Ownership Plan (ESOP) before 2007 and was designed to invest primarily in employer stock. The primary purpose of the ESOP is to provide participants with beneficial ownership of employer stock. A secondary purpose of the ESOP is to serve as a potential means of corporate finance. The Company may use the ESOP to meet its general financing requirements, including capital growth and transfers in the ownership of employer stock. The Plan may receive loans and other extensions of credit to finance the acquisition of employer stock.

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan on July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019.

The SunTrust Banks Inc. 401(k) Plan was always an Employee Stock Ownership Plan (ESOP) before 2007 and was designed to invest primarily in employer stock. The primary purpose of the ESOP is to provide participants with beneficial ownership of employer stock. A secondary purpose of the ESOP is to serve as a potential means of corporate finance. The Company may use the ESOP to meet its general financing requirements, including capital growth and transfers in the ownership of employer stock. The Plan may receive loans and other extensions of credit to finance the acquisition of employer stock.

Truist Financial offers SUNTRUST BANKS, INC. 401(K) PLAN through Fidelity

Truist Financial offers the SUNTRUST BANKS, INC. 401(K) PLAN through Fidelity. The plan covers 33,540 employees. Truist Financial Corporation is a leading financial institution that was formed in December 2019 through the merger of BB&T and SunTrust Banks. Founded in 1872, BB&T was one of the largest banking organizations in the United States and has been providing retail and commercial banking services for more than 145 years. SunTrust Banks, Inc., founded in 1891, operated primarily across the southern part of the country with a focus on consumer, commercial real estate finance, capital markets activities and wealth management services.

The SunTrust Banks Inc. 401(k) Plan was merged into the Truist Financial 401(k) Savings Plan, effective July 31, 2020. The plan’s employee benefit plan committee worked with Truist’s investment consultant in re-evaluating the plan’s investment lineup and selected those “most appropriate for Truist”, Ms. Konrath said. Truist Financial Corp. announced the completion of the merger of subsidiary BB&T Corp. and SunTrust Banks Inc. in December 2019. A comparison of the company’s 11-K filing Monday with the SEC Truist's prior 11-K filing and the SunTrust plan's 2019 Form 5500 filing shows the newly merged plan added 10 mutual funds not previously held in either plan.

The SunTrust Banks Inc. 401(k) Plan was always an Employee Stock Ownership Plan (ESOP) under Code Sections 409 and 4975(e)(7) and was designed to invest primarily in employer stock. Effective January 1, 2007, the Plan was converted to a Code Section 401(k) Plan with an Employer Stock Fund that constitutes an employee stock ownership plan (ESOP) within the Plan. Such a combination 401(k) plan and ESOP is commonly called a KSOP. The ESOP portion of the Plan continues to be designed to invest primarily in Employer Stock. The primary purpose of the ESOP is to provide participants with beneficial ownership of Employer Stock. A secondary purpose of the ESOP is to serve as a potential means of corporate finance. The Company may use the ESOP to meet its general financing requirements, including capital growth and transfers in the ownership of Employer Stock. The Plan may receive loans and other extensions of credit to finance the acquisition of Employer Stock.

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