BB&T Corporation 401(k) Savings Plan
The BB&T Corporation 401(k) Savings Plan [BB&T 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
- BB&T will match your contributions (other than catch-up contributions) on deferrals up to the deferral limit of $18,500 using a formula based on the company in which you work:
- CRC Insurance Services, Inc.: Match of 50%
- McGriff, Seibels and Williams, Inc.: Match of 100% on the first 4% deferred
- All others: Match of 100% on the first 6% deferred
- Immediate vesting in the employer matching contributions
- You can contribute up to 50% 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 5 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
You become eligible to enroll in the BB&T 401(k) Savings Plan on your first day of employment. Once you have reached your 1-year anniversary with BB&T (1,000 hours of service) and have reached the age of 21, BB&T will match your contributions based on the requirements above. See an example.
You will enroll in the BB&T 401(k) Savings Plan through Workday and elect your investment options through PlanTrac, the BB&T 401(k) Savings Plan website. You can enroll in the BB&T 401(k) Savings Plan through Workday 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 BB&T 401(k) Savings Plan through Workday and elect your investment options through PlanTrac, see Enrollment Instructions for Workday and PlanTrac.
The first time you access PlanTrac, you will need to have available your Social Security number and date of birth. You will also need your personal identification number (PIN) to set up your account. If you enroll within 90 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 90 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 90 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, you'll need to decide:
- How much of your compensation you want to contribute to your BB&T 401(k) Savings Plan account each pay period
- Which funds you want to invest in with your contributions
- What percentage of your contribution amount you want to invest in each fund
- Who you want to designate as your beneficiary or beneficiaries
BB&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, BB&T 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.
BB&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.
Investment advice and professional account management
Safe Harbor Notice
Required annual notice to all plan participants