Benefit Plans

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2023		2022		2023		2022
Service cost	Personnel expense	$	93	$	140	$	186	$	279
Interest cost	Other expense	112		88		223		176
Estimated return on plan assets	Other expense	(228)		(270)		(456)		(539)
Amortization and other	Other expense	19		9		39		17
Net periodic (benefit) cost		$	(4)	$	(33)	$	(8)	$	(67)

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 six months ended June 30, 2023.