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 $19,000 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 Ameritrade™ 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. You will be eligible to begin receiving a BB&T matching contribution on the first day of the calendar month coincident with or following your one-year anniversary of employment (in which you have worked at least 1,000 hours and are at least age 21). See an example(moves focus)
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 (PDF).
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(opens in a new tab) 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.
BB&T Corporation 401(k) Savings Plan examples
Each pay period, BB&T matches your contributions (other than catch-up contributions) to the BB&T Corporation 401(k) Savings Plan dollar for dollar on deferrals up to the deferral limit of $19,000 using a formula based on the company in which you work:
- CRC Insurance Services, Inc. (CRC): Match of 50%
- McGriff, Seibels and Williams, Inc. (MSW): Match of 100% on the first 4% deferred
- All others: Match of 100% on the first 6% deferred
- You earn $20,000 per year and contribute 10% of your salary ($2,000) to the BB&T Corporation 401(k) Savings Plan.
- BB&T contributes $1,000 to your account.
- Your $2,000 becomes $3,000!
- You earn $20,000 per year and contribute 4% of your salary ($800) to the BB&T Corporation 401(k) Savings Plan.
- BB&T also contributes $800 to your account.
- Your $800 becomes $1,600!
Example: All others
- You earn $20,000 per year and contribute 6% of your salary ($1,200) to the BB&T Corporation 401(k) Savings Plan.
- BB&T also contributes $1,200 to your account.
- Your $1,200 becomes $2,400!
Forms and notices
- BB&T 401(k) Savings Plan Rollover Packet (PDF)
- Investment Direction Form for Insiders (PDF)
- Roth In-Plan Rollover Election Form (PDF)
- Hardship Withdrawal Form (PDF)
- Instructions to Designate 401(k) Beneficiaries (PDF)
- 401(k) Plan Spousal Consent to Non-Spouse Beneficiary Designation Form (PDF)
- Self-Directed Brokerage Account Welcome Guide (PDF)
Important notices and 5500s
BB&T Corporation 401(k) Savings Plan
- Combined Qualified Default Investment Alternative, Expense Disclosure & Safe Harbor Notice (PDF)
- Form 5500 for BB&T Corporation 401(k) Savings Plan (PDF)
- Summary Annual Report for BB&T Corporation 401(k) Savings Plan (PDF)
- Summary Annual Report for National Penn Capital Accumulation Plan (PDF)
BB&T Corporation 401(k) Retirement Plan for Certain Acquired Companies
Investment advice from ProNvest
ProNvest, and independent registered investment advisory firm, offers BB&T Corporation 401(k) Savings Plan participants investment advice and professional account management.
The investment advice you receive is goal-based and tailored to your responses to a Retirement Planner questionnaire. Through the partnership of BB&T with ProNvest, this advice is offered at no cost to you. You also have the option of utilizing ProNvest's fee-based professional account management services.
Follow these steps to access ProNvest:
- Go to PlanTrac(opens in a new tab) and log on.
- Choose Investment Advice on the left side of the page.
- Choose ProNvest Retirement Planning.
- Read the information about ProNvest and then select Get Started.
Withdrawals while you are working
In some cases, you may be able to withdraw funds from your BB&T Corporation 401(k) Savings Plan account while you are still employed. Withdrawals will generally be subject to 20% withholding for federal taxes and applicable state taxes and an additional 10% early withdrawal penalty. You are limited to two withdrawals per calendar year.
Age 59½ withdrawals
Once you reach age 59½, you may withdraw your entire account balance or any portion thereof, even if you are still employed. The withdrawal will be subject to 20% withholding for federal taxes and applicable state taxes, but you will not incur the 10% IRS penalty for early withdrawal.
The Age 59½ Withdrawal form is available by logging in to PlanTrac (opens in a new tab) and choosing Withdrawals.
Voluntary withdrawals (subject to restrictions) may be available prior to your reaching age 59½ and are subject to 20% withholding for federal taxes and applicable state taxes and a 10% IRS penalty for early withdrawal. You are limited to two withdrawals per calendar year.
The Voluntary Withdrawal form is available by logging in to PlanTrac (opens in a new tab) and choosing Withdrawals.
Hardship withdrawals may be made for the following reasons:
- Costs directly related to the purchase of your primary residence (not including mortgage payments)
- Prevention of your eviction from, or foreclosure on the mortgage of, your primary residence
- Home repairs for your primary residence not covered by insurance (not due to normal wear and tear)
- Tuition, related educational fees, and room and board expenses for the next 12 months of post-secondary education for you, your spouse, children or dependents
- Medical expenses that are not covered by insurance for you, your spouse or your dependents
- Burial or funeral expenses
You cannot receive a Hardship Withdrawal unless you have obtained all withdrawals, other than hardship withdrawals, and all nontaxable loans currently available under all plans maintained by BB&T. If you receive a Hardship Withdrawal, you will not be able to contribute to the BB&T Corporation 401(k) Savings Plan until the first day of the calendar month following a 6-month suspension. After the 6-month suspension, your salary deferrals will resume and your contribution percentage will be the same as it was before the suspension.
The amount you may borrow from your BB&T Corporation 401(k) Savings Plan (Plan) as a loan is limited by rules under the tax law.
In general, all loans will be limited to the lesser of:
- $50,000 reduced by your highest outstanding balance of loans from the Plan during the 1-year period ending on the day before the loan is made (for example, if you take a $30,000 loan this year and pay it off, next year your maximum would be a $20,000 loan)
- 50% of your account balance
The minimum loan amount is $1,000, and the interest rate will be BB&T prime rate plus 1%. Your account will be charged a $100 administrative fee per loan. You may only take one loan per plan year and may only have one outstanding loan at a time. Generally, loans must be repaid through payroll deductions with after-tax dollars over a period of 1 to 5 years.
Loan requests are paperless, so you do not need to complete any forms. Loans are processed by using either:
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.
Live fund information for the BB&T Corporation 401(k) Savings Plan.
Self-Directed Brokerage Account Welcome Guide
Information about the self-directed brokerage account available through TD Ameritrade.
Safe Harbor Notice
Required annual notice to all plan participants.
Retirement at BB&T
A key component of the BB&T mission is to help our clients achieve economic success and financial security. We are equally committed to helping you piece together a financially sound future.
EXCELLENCE Associate Handbook
View the entire handbook or individual sections.
Summary Plan Descriptions
Summaries for your benefits, retirement and more.
No personal or confidential associate information is contained within BBTBenefits.com.
Information contained within BBTBenefits.com applies to eligible associates residing in the United States, unless otherwise specified.
Not all subsidiaries and affiliates of BB&T Corporation participate in the benefit programs and policies presented within BBTBenefits.com.
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