Down to the 401(k) Plan Basics
Make sure you are taking full advantage of the BB&T Corporation 401(k) Savings Plan by reviewing the Plan's features along with your salary deferral and investment elections. To help make it easier for you, this FACTS article summarizes the Plan's features and gives the most essential resources.
- All regular (not temporary or contract) associates are eligible to participate Disclosure 1 in the Plan on their first day of employment (you do not need to be benefits-eligible to participate)
- Eligibility for company match begins after you complete 1 year of service with at least 1,000 hours and are at least age 21
- Company match is contributed to your 401(k) account at the same time as your salary deferrals
- 100% vested in contributions, company match and all earnings
- Contribute up to 50% of your compensation
- Reduced taxable income with pre-tax deferrals—earnings on pre-tax contributions are deferred until you withdraw your money
- Reduced taxable earnings with Roth after-tax deferrals—earnings on after-tax contributions are tax-free if withdrawn at age 59½ or later from an account held for at least 5 years
- Stop or change contribution rates and elections monthly through Workday
- Access to several different investment funds
- Optional investment advice and professional account management through ProNvest, an independent registered investment advisory firm
- Review account information, manage investment elections and use free calculator tools through the BB&T 401(k) Plan website, PlanTrac, at BBT.com/PlanTrac(opens in a new tab) (24 hours a day, 7 days a week)
- Withdrawals before retirement (Hardship, Voluntary and Termination)
- Borrow money from your 401(k) account; one loan outstanding at a time and one per year
How it works
Part 1: Salary deferrals
A salary deferral is the percentage you elect to be taken out of your pay and put into your 401(k) account. Your salary deferral is drawn from your compensation, which includes base pay, overtime pay, bonuses, commissions and other incentives. Your compensation does not include non-cash income or income received for moving expenses. You have the flexibility to choose whether you want the percentage of your salary to be deferred before taxes are withheld from your income (pre-tax), after taxes have been withheld from your income (after-tax or Roth) or a mixture of both pre-tax and after-tax. You may defer up to 50% of your compensation.
You can enroll in the Plan and make your salary deferral elections through Workday. Your salary deferrals are automatically deducted from your semi-monthly paychecks based on your elected percentage. The 401(k) "How-To" FACTS article explains how to enroll in the Plan and manage salary deferral elections through Workday.
The US Internal Revenue Service (IRS) deferral and compensation limits for 2017:
- Elective deferral limit is $18,000
- Annual compensation limit is $265,000
Are you age 50 or older? Are you turning 50 next year? The Save More with Catch-up Contributions FACTS article provides information about continuing to save after reaching the maximum deferral limit and/or compensation limit.
Part 2: Investment funds
The Plan offers a variety of investment funds to build a portfolio that best suits your needs, including equities (stocks), bonds, investment contracts and cash equivalences. You can diversify your investments within the Plan investment funds or a self-directed brokerage account through TD Ameritrade™ however you choose. Information on the investment funds is available in the BB&T 401(k) Savings Plan Participant Guide(opens in a new tab).
You can use PlanTrac, BB&T's retirement website, to review and manage your investment elections. The 401(k) "How-To" FACTS article provides steps on how to log on to PlanTrac.
- BB&T 401(k) Savings Plan – Information and resources, including the BB&T 401(k) Savings Plan Participant Guide.
- BBT.com/PlanTrac(opens in a new tab) – Account information, investment elections and free calculator tools
Note: If you are visiting the website for the first time, set up your secure account by selecting Create User ID & Password and entering your Social Security number, date of birth and personal identification number (PIN). If you enroll within 90 days of your hire date, your PIN is the last four digits of your Social Security number followed by your four-digit date of birth (MMDD). This PIN expires after 90 days. To reset your PIN, call the Human Systems Service Center at 800-716-2455, option 6.
- If you are having trouble logging into PlanTrac, please call the Human Systems Service Center at 800-716-2455, option 6.
- If you have other questions about the BB&T 401(k) Savings Plan, please call the Human Systems Service Center at 800-716-2455, option 1.
Note: The information in this FACTS article is based on the BB&T Corporation 401(k) Savings Plan. Details may vary in the 401(k) Plans of BB&T subsidiaries and affiliates.
Features may be subject to regulatory and other restrictions.
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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