BB&T Corporation Pension Plan Profile: Commitments & Mandates

bb&t retirement planning

JPMorgan Chase is one of the largest banks in the United States, and it manages more than $2.9 trillion as of 2020. The transfer of the heritage SunTrust retirement business is the latest chapter in Empower’s expansion through acquisitions.

We offer diverse investment options, at very competitive costs, and you benefit from the strong, continual oversight of the Supplemental Retirement Board of Trustees and the Treasurer. “I’d like to express my gratitude to Truist for their partnership in supporting the transition of their clients and plans to our platform.” We offer insurance products for pastors and other employees of congregations, districts, and camps. bb&t retirement planning Use our automated phone service to check your account balance, fund prices and more. Alston & Bird served as legal counsel and Truist Securities served as financial advisor to Truist. USI Consulting Group serves both private and public companies, as well as not-for-profit organizations. This certification shows that the company has complied with the Standard of Practice for Retirement Plan Service Providers.

Investment Product and Service Launches

Under the agreement, Empower will acquire the heritage SunTrust 401 recordkeeping business, which includes approximately 300 retirement plans consisting of more than 73,000 plan participants and $5 billion in plan assets. The transaction is expected to close during the first quarter of 2021. Newport maintains records of over 39,000 retirement plans comprising more than 1.5 million participants, and $140 billion assets under management. Notable employers using Newport’s retirement plans include Arcadia University, Esurance Insurance, Oklahoma Heart Hospital, Duff & Phelps, Epic Games, and Davidson Companies. Nationwide maintains records of more than 37,000 retirement plans comprising over 2.6 million participants, and over $141 billion in retirement assets under management.

  • Examples of corporate clients using AIG Retirement Services include Duke University, Unity Health Care, Franklin Pierce University, Nova Southeastern University, and Meharry Medical College.
  • Insperity is headquartered in Houston, Texas, and it provides human resource and administrative services to businesses.
  • With over 360 branches around the world and over $5.9 trillion in client assets as of 2020, Charles Schwab is the 13th largest bank in the United States.
  • Please do not accept contribution changes directly from your employees.

Once an account is opened, clients receive a daily portfolio analysis which drives opportunities for automated rebalancing and tax-loss harvesting. Clients can also make changes to their preferences on demand to adapt to their changing financial situation. From an employer’s compliance perspective, there are differences among the plans in what is considered compensation and what types of employer contributions are permitted or required (see FAQs below about contributions to employees’ accounts). In addition, the NC 401 Plan and the NC 457 Plan are state-sponsored plans that are administered by the Department of State Treasurer and the Supplemental Retirement Board of Trustees. The North Carolina Supplemental Retirement Plans offer a range of investment options to choose from based on your retirement savings goals and comfort with risk. You can review the fund fact sheets at the Choose Investments link at Wells Fargo retirement service has over 3.4 million participants, with over $190.9 billion assets in 401 and $2.1 billion assets in 403.

IPX/FPS Group 401k login URL

You can attend a meeting in person at the Department of State Treasurer’s office at 3200 Atlantic Avenue in Raleigh or by calling the conference line published in the agenda. Please do not accept contribution changes directly from your employees.

  • If you retire or otherwise leave your current employer, you are permitted to leave your assets in the NC 401 Plan and NC 457 Plan, until such time that you are required to begin taking distributions pursuant to the Internal Revenue Code.
  • We may amend this policy from time to time; if we do, we will post those changes on this page within a reasonable time after the change so that you are aware of what information we collect and how we intend to use it.
  • It manages assets worth over $205 billion, with its 401 plan managing assets valued at more than $116 billion.
  • The NC 401 Plan and the NC 457 Plan are single plans that are sponsored by the State of North Carolina and that have over 1,100 participating employers.

First, we looked at data from the Bureau of Labor Statistics on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

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