Benefit Plans

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(Dollars in millions)	Income Statement Location	2023		2022		2023		2022
Service cost	Personnel expense	$	77	$	139	$	263	$	418
Interest cost	Other expense	112		87		334		263
Estimated return on plan assets	Other expense	(226)		(269)		(682)		(808)
Amortization and other	Other expense	19		10		59		27
Net periodic (benefit) cost		$	(18)	$	(33)	$	(26)	$	(100)

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 nine months ended September 30, 2023.