BB&T Corporation 401(k) Savings PlanThe BB&T Corporation 401(k) Savings Plan is the cornerstone of your retirement planning, with the following features:
- Contributions can be made on a pre-tax or after-tax
- 100 percent match from the Company, up to 6 percent of your compensation per pay period (must contribute to the Plan to receive the employer match)
- Immediate vesting in the employer matching contributions
- You can contribute up to 50 percent of your compensation (contributions are subject to regulatory restrictions)
- Earnings on pre-tax contributions are deferred until you withdraw your money
- Earnings on after-tax contributions are tax-free if taken at age 59½ or later from an account held for at least five years (other restrictions may apply)
- Access to a broad range of investment funds
- Optional investment advice and professional account management through ProNvest (an independent registered investment advisory firm)
- A self-directed brokerage account is available through TD AmeritradeTM that allows you the opportunity to invest in a wider range of investment choices
In a recent Hewitt Associates study, the BB&T 401(k) Savings Plan was ranked among the top four percent in the industry for its strong match.
Click here to access a pre-recorded WebEx presentation that provides you with an overview of Plan features.
Certain affiliates of BB&T Corporation (including CRC Insurance Services, Inc.; McGriff, Seibels and Williams, Inc.; and AmRisc, LP) do not participate in the BB&T Corporation 401(k) Savings Plan and should refer to their Summary Plan Description (SPD) for their 401(k) plans for more information.
FACTS Article - Down to the 401(k) Plan Basics
EligibilityYou become eligible to enroll in the 401(k) Savings Plan on your first day of employment. Once you have reached your one-year anniversary with BB&T (1,000 hours of service and attainment of age 21), BB&T will match your contributions (other than catch-up contributions) each pay period up to six percent of your compensation for that pay period.
View an example >>
You will enroll in the 401(k) Savings Plan through the Workday system and elect your investment options through the 401(k) Savings Plan website, PlanTra. You can enroll for the 401(k) Savings Plan through Workday at the same time you enroll in your Flexible Benefits, or at any time during the year. If you enroll by the last day of any month, your contribution will be effective beginning with your first payroll period of the following month. For detailed instructions to help you enroll in the 401(k) Savings Plan through the Workday system and elect your investment options through PlanTrac, click here.
The first time you access PlanTrac you will need to have available your Social Security number and your date of birth. You will also need your Personal Identification Number (PIN) to set up your account. If you enroll within 30 days of your benefits eligibility date (date of hire), your PIN is the last four digits of your Social Security number followed by your four-digit date of birth. Your PIN expires 30 days after your benefits eligibility date (date of hire). If your PIN has expired, call the Human Systems Service Center at 800-716-2455, option 6, to have your PIN reset.
PIN example for James, an associate who is enrolling within 30 days of his benefits eligible date:
- The last four digits of James' Social Security number: 6789
- James' birth date: May 17
- James' PIN is: 67890517
When setting up your account, you will also establish a User ID and Password. Your User ID and Password will be needed each time you log in to PlanTrac.
Before you enroll:
- Decide how much of your compensation you want to contribute to your 401(k) Savings Plan account each pay period.
- Decide which funds you want to invest in with your contributions.
- Decide what percentage of your contribution amount you want to invest in each fund.
- Decide who you want to designate as your beneficiary or beneficiaries.
FACTS Article - 401(k) 'How-To'
Investing ContributionsBB&T offers a variety of investment funds so you can build the portfolio that best suits your investment needs. The BB&T Corporation 401(k) Savings Plan Participant Guide contains detailed information about the investment funds. You can diversify your investments within these funds however you choose. During the enrollment process, you will elect the percentage of your contribution you want to invest in each fund. When you are eligible for matching contributions, the company will invest your matching contributions in the same percentages and same investment funds as your salary deferral contributions.
Do you need direction on which investment funds may be right for you?
ProNvest can help >>
Related InformationBB&T Corporation 401(k) Savings Plan Participant Guide
Plan highlights, investment information, enrollment instructions.
Elect investment funds, check account balances, inquire contribution percentage, change investment elections, model/initiate a loan and request withdrawal forms. Self-Directed Brokerage Account Welcome Guide
Information about the self-directed brokerage account available through TD Ameritrade. ProNvest
Investment advice and professional account management. EXCELLENCE Associate Handbook Information
Detailed information about the BB&T Corporation 401(k) Savings Plan. Safe Harbor Notice
Required annual notice to all plan participants. Summary Plan Description
Detailed reference information.
FormsRolling Money into the BB&T 401(k) Savings Plan
Investment Direction Form for Insiders
Roth In-Plan Rollover Election Forms
Age 59½ Withdrawal Form
Voluntary Withdrawal Form
Hardship Withdrawal Form
Final Distribution Form
401(k) Plan Spousal Consent to Non-Spouse Beneficiary Designation Form