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401(k) 'How-To'

Did you know you could enroll in the BB&T Corporation 401(k) Savings Plan (Plan) or make changes to your elections at any time of the year? You don't need to wait until Annual Benefits Enrollment. If you are a current or potential participant in in the plan, this FACTS article gives you steps to:

  • Enroll and make salary deferral elections
  • Change or stop salary deferrals
  • Manage investment elections


How to Enroll and Make Salary Deferral Elections

STEP 1: Enroll in the plan and make your salary deferral elections through Workday. Enrollment will be effective the first payroll of the following month.

  1. Go to Workday (choose the Workday icon on the homepage of BBTBenefits.com or InSite).
  2. Select Benefits icon.
  3. Under Change, choose Benefits.
  4. For Benefit Event Type, choose Enroll in Retirement Savings ONLY. For the Benefits Event Date, enter the current date.
  5. Choose Submit.
  6. Choose Open.
  7. For pre-tax salary deferrals, elect 401(k) – BB&T Employee, and then enter a percentage. For after-tax deferrals, elect Roth – BB&T and then enter a percentage. You can elect both pre-tax and after-tax (total percentages must be 50 or less), or you can just elect one and waive the other.
  8. Select Continue.
  9. Choose the plus (+) symbol in the Beneficiaries column.
  10. Choose the prompt symbol on the right end of the text field that appears.
  11. If your beneficiary(ies) is already in the system, choose Beneficiary Persons, and then select the beneficiary's name. If your beneficiary(ies) is not already in the system, choose Create to add a new beneficiary and fill out their information as prompted.
  12. Once your beneficiary(ies) is entered, select either Primary or Contingent Percentage, and then enter the percentage of your 401(k) account designated to your beneficiary(ies) in the event of your death.
  13. Choose Continue.
  14. Scroll down to select the I Agree check box, and then choose Submit to complete the process.

STEP 2: Once you have completed the above steps through Workday, elect your investment options through PlanTrac.

  1. Go to the BB&T 401(k) Plan website, PlanTrac, at BBT.com/PlanTrac.
  2. Choose Create User ID & Password on the right of logon screen.
  3. Enter your Social Security number (with dashes), date of birth (MM/DD/YYYY) and personal identification number (PIN).
    Note: If you enroll within 90 days of your hire date (or eligibility date), your PIN is the last four digits of your Social Security number followed by your four-digit date of birth (SSSSMMDD). For example, the last four digits of your Social Security number are 6789 and your birth date is May 17, your PIN is 67890517. This PIN expires after 90 days. To reset your PIN, call the Human Systems Service Center at 800-716-2455, option 6.
  4. Choose Continue.
  5. Create your user ID and password (case sensitive), and then choose Submit.
  6. Once you have created your user ID and password, choose Log On to return to the original logon screen.
  7. Enter the user ID and password you just created, and then log on.
  8. You must now select how you want your contributions to be invested. In the field(s) next to the option(s), enter the percentage(s) of your contribution you want invested (percentages must total 100%).
  9. Choose Continue.
  10. You will be asked how you want any dividends from the BB&T Common Stock Fund to be paid. You will need to make this dividend election even if you are not currently electing to invest your contributions in the BB&T Common Stock Fund.
  11. Once you have made your BB&T Common Stock Fund dividend election, choose Continue.
  12. You will be given a confirmation screen that will summarize your elections. If the information is correct, choose Submit to process your elections. (If you need to make changes to your elections, you can choose Cancel and change them.)
  13. Record your confirmation number.


How to Change or Stop Salary Deferrals

You can stop or make changes to your salary deferral elections (i.e., contribution percentage and pre-tax/after-tax deferral elections) through Workday at any time. Changes will be effective the first payroll of the following month.

  1. Go to Workday (choose the Workday icon on the homepage of BBTBenefits.com or InSite).
  2. Select the Benefits icon.
  3. Choose the Retirement Savings link.
  4. Choose Edit.
  5. Update your contribution percentage(s) in the fields, and then choose Continue.
  6. Review or update your beneficiary designations, and then choose Submit.
  7. Choose Done to complete the process.


How to Manage Investment Elections

You can change or review your investment elections and account information through PlanTrac at any time. Changes will be effective within approximately 12 to 72 hours, depending on the time and day of the week they are made.

  1. Log on to the BB&T 401(k) Plan website, PlanTrac, at BBT.com/PlanTrac.
    Note for returning users: If you forgot your user ID, choose Forgot User ID?. You will be directed to enter your Participant ID/Social Security number and birth date. If you're still having trouble, call the Human Systems Service Center at 800-716-2455, option 6.
    Note for first-time users: If you enroll in the Plan within 90 days of your hire date or eligibility date, your PIN is the last four digits of your Social Security number followed by your four-digit date of birth (SSSSMMDD). For example, if the last four digits of your Social Security number are 6789 and your birth date is May 17 then your PIN is 67890517. This PIN expires after 90 days. To reset your PIN, call the Human Systems Service Center at 800-716-2455, option 6.
  2. Once you're logged into your PlanTrac account, choose Account Management from the tabs across the top or from the left rail to access the Manage Investments page.
  3. From the Manage Investments page, you can select the link applicable to what you would like to do. For instance, select Future Investments to change how your future contributions are invested while keeping your current account balance invested the way you currently have it. Be sure to submit your changes to make sure they are saved.


Questions?

To view all the steps in this article accompanied with screenshots as visual aid, please refer to the 401(k) Savings Plan Enrollment Instructions for Workday and PlanTrac. Please contact the Human Systems Service Center at 800-716-2455, option 1, for additional questions.

We want your feedback! Was this article beneficial? Do you need more information? Please contact Compensation & Benefits Communication Administration at CommunicationAdministration@BBandT.com.

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