Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Benefit Plans

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:

		Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	Income Statement Location	2022		2021		2022		2021
Service cost	Personnel expense	$	139	$	148	$	418	$	463
Interest cost	Other expense	87		80		263		239
Estimated return on plan assets	Other expense	(269)		(250)		(808)		(748)
Amortization and other	Other expense	10		9		27		26
Net periodic (benefit) cost		$	(33)	$	(13)	$	(100)	$	(20)

Truist makes contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Discretionary contributions totaling $351 million were made to the Truist pension plan during the nine months ended September 30, 2022.