BB&T Corporation Pension Plan
BB&T is among a small number of employers who still offer and fund a pension plan. The BB&T Corporation Pension Plan (Pension Plan) rewards you for your time with BB&T and helps you accumulate income that will supplement your retirement.
The Pension Plan is a "defined" benefit plan, which means it is wrapped around a formula. This formula is based on your years of credited service and average compensation.
Certain affiliates of BB&T Corporation (BB&T Securities, LLC; CRC Insurance Services, Inc.; McGriff, Seibels and Williams, Inc.; AmRisc, LLC; BB&T Insurance Services of California; Precept Insurance Solutions, LLC; Crump Life Insurance Services, Inc.; Hann Financial Services Corp.; Boston Service Company; and Swett & Crawford Group) do not participate in the Pension Plan.
The Pension Plan, funded by BB&T on an annual basis, includes the following features:
- 100% of the contributions to the pension plan are made by BB&T
- You are 100% vested after 5 years of vesting service
- You can access your benefit as early as age 55, with 10 years of vesting service
Becoming a Participant
The Pension Plan is easier to participate in than any other benefit plan BB&T offers. You become a participant on the first day of the year after you have completed one qualifying year of service and have reached age 21 if your subsidiary participates in the Pension Plan. A qualifying year of service is a year in which you work at least 1,000 hours.
The Pension Plan provides a retirement benefit for vested associates. Vesting means ownership or your entitlement to the benefit you have earned. You are automatically fully vested when the first of the following occurs:
- You complete at least 5 years of vesting service
- You reach normal retirement age under the plan
- You become eligible to elect early retirement
Note: For vesting purposes, if you completed at least 1,000 hours of service in both your first year of employment and in the plan year which includes the first anniversary of your date of employment, you will receive credit for 2 years of continuous service.
Applying for Pension Benefits
When you decide to retire, you must notify Benefits Administration 60 days prior to your intended retirement date. To notify Benefits Administration, call the Human Systems Service Center at 800-716-2455, option 1.
You will complete your retirement application over the phone. A calculation of your pension benefits will be requested from our actuary. The calculation and retiree benefits enrollment package, if applicable, will be sent to your home address within 30 business days following your initial contact with the Human Systems Service Center. Payments of your pension benefit will generally begin the first of the month following your retirement date. See forms of payment.
BB&T Associate Self-Service Center
Calculate estimated pension benefit; request, view and print instant estimates; and view personal pension data
BB&T Associate Self-Service Center User Guide
Step-by-step guide to accessing and navigating the BB&T Associate Self-Service Center for pension benefits
2017 BB&T Pension Plan Annual Funding Notice and MAP-21 Supplement Notice
Required funding notice and supplement notice for the BB&T Corporation Pension Plan