Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

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

		Three Months Ended March 31,
(Dollars in millions)	Income Statement Location	2023		2022
Service cost	Personnel expense	$	93	$	139
Interest cost	Other expense	111		88
Estimated return on plan assets	Other expense	(228)		(269)
Amortization and other	Other expense	20		8
Net periodic (benefit) cost		$	(4)	$	(34)

Truist makes contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Discretionary contributions totaling $1.3 billion were made to the Truist pension plan during the three months ended March 31, 2023.