Benefit Plans

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table:

Three Months Ended March 31, (Dollars in millions)	Location	2020		2019
Service cost	Personnel expense	$	118	$	54
Interest cost	Other expense	78		57
Estimated return on plan assets	Other expense	(216)		(113)
Amortization and other	Other expense	19		25
Net periodic benefit cost		$	(1)	$	23

Truist makes contributions to the qualified pension plans in amounts between the minimum required for funding and the maximum deductible for federal income tax purposes. Discretionary contributions totaling $305 million were made to the Truist pension plan during the three months ended March 31, 2020. There are no required contributions for the remainder of 2020, though Truist may elect to make additional discretionary contributions.