Pension Benefit Calculation
When you retire, the annual normal retirement benefit you receive from the BB&T Corporation Pension Plan will be determined using the following formula:
1% of average annual compensation (the average is determined using your highest compensation during any consecutive 5 calendar years out of the last 10 years) times years of service with BB&T in which you have worked at least 1,000 hours (maximum of 35)
0.5% of average excess compensation times years of service (maximum of 35)
For purposes of this calculation, your compensation generally is the pay you receive from BB&T including any pre-tax savings under the BB&T Corporation 401(k) Savings Plan or salary reductions under a Cafeteria Plan. Your compensation includes base pay, overtime pay, commissions, incentive compensation and bonuses.
As required by law, compensation in excess of certain limits ($265,000 effective January 1, 2017), as adjusted for inflation, is not considered under the BB&T Corporation Pension Plan.