Benefit Plans

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2020		2019		2020		2019
Service cost	Personnel expense	$	118	$	55	$	236	$	109
Interest cost	Other expense	78		54		156		111
Estimated return on plan assets	Other expense	(217)		(114)		(433)		(227)
Amortization and other	Other expense	19		26		38		51
Net periodic (benefit) cost		$	(2)	$	21	$	(3)	$	44

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 six months ended June 30, 2020. There are no required contributions for the remainder of 2020, though Truist may elect to make additional discretionary contributions.