Retirement & Investments

Your retirement and investment benefits are a key part of your PNC benefits package.

Generally, full-time employees are eligible after six months of service; part-time employees are eligible after completing one year of service.* No enrollment is necessary. You begin to accrue a benefit the first day of the following month.

*Harris Williams employees do not participate in the PNC Pension Plan.

Key features:

  • Plan benefits are completely funded by PNC; you do not contribute.
  • You automatically begin accruing a benefit after becoming eligible.
  • The benefit you accrue is a quarterly earnings credit calculated as a percentage of your eligible pay. The plan has a “cash balance” design, which means you accrue earnings credits and interest credits quarterly during the year.
  • The benefit generally vests after three years of service.
  • New enhancement effective Jan. 1, 2018: If you are an active participant in the PNC Pension Plan for a full year and your total earnings credits for that year add up to less than $2,000, a minimum credit of $2,000 will generally be applied to your account. (If you’re an active participant for less than a year, your minimum credit will be prorated for the partial year of participation.)

To learn more about eligibility, features, vesting and when you can receive plan benefits, please visit the PNC Pension Summary Document.

The Incentive Savings Plan (ISP) 401(k) provides an easier way to save and invest. Set up as a 401(k) plan, the ISP allows you to contribute on a pretax or Roth after-tax basis. The company matches a portion of your contributions to help your account grow, once you are match-eligible.

Key features:

  • Automatic enrollment at a 4 percent contribution rate for new hires and rehires.
  • Convenient payroll deductions make it easier to save for your future.
  • Contribution choices from 1 percent to 75 percent of your eligible pay on a pretax or Roth after-tax basis (up to IRS limits).
  • Matching dollar for dollar contributions from PNC on your pretax or Roth after-tax contributions (combined) up to 4 percent of your eligible pay on a per-pay basis, once you’re eligible for the match. (PNC also offers a minimum match for eligible employees earning less than $50,000 annually; see Contributions section for details.)
  • Contributing to the ISP 401(k) has certain tax advantages, whether you make pretax or Roth after-tax contributions or both.
  • Your account is portable. If you leave PNC, you can take your money with you, including any vested PNC contributions and earnings; see below.
  • A variety of investment options to diversify your savings and help you reach your financial goals.
  • Personalized advice on saving, investing and retirement planning through Alight Financial Advisors (AFA), an independent third-party investment advisor.

Eligibility and Vesting

The chart below shows when you are eligible to join the ISP 401(k), receive the company match and vest in (have a non-forfeitable right to) the company match money. You are always 100 percent vested in your own contributions and any earnings on that amount.

If you are a Full-Time employee

You are eligible to join the ISP 401(k): Immediately. You will automatically be enrolled at a 4% pretax contribution level unless you make a different election within 30 days of your hire date. Learn more.

You are eligible for the company match: On the first of the month following six months of service

You are vested in the company match: After three years of service

If you are a part-time employee

You are eligible to join the ISP 401(k): After completing one year of service. You will automatically be enrolled at a 4% pretax contribution level unless you make a different election within 30 days of your eligibility date. Learn more.

You are eligible for the company match: Immediately upon enrolling in the ISP 401(k)

You are vested in the company match: After three years of service

To learn more about the default investment to the BlackRock LifePath funds, review the Annual Qualified Default Investment Alternatives (QDIA) notice.


You may contribute from 1 percent to 75 percent of your eligible pay on a pretax and/or Roth after-tax basis, up to the combined IRS maximum ($18,500 in 2018). The maximum may be further limited for highly compensated employees, as defined by the IRS.

Your contributions are deducted directly from your pay each pay period. In general, you may change your contribution percentage anytime through the enrollment website. Changes take effect within two payroll cycles.

PNC makes a matching contribution to the ISP 401(k) once you become eligible for the match. For every dollar you contribute, PNC will contribute a dollar, up to a maximum of 4 percent of your eligible pay each pay period.

  • This includes any combination of pretax and/or Roth after-tax contributions (maximum 4 percent match combined).
  • The company match is allocated among the ISP 401(k) investment options in the percentages you choose.
  • All matching contributions are made on a pretax basis, per IRS rules.
  • Minimum match: PNC will contribute a minimum matching contribution of $2,000 if you contribute at least 4 percent of your eligible compensation every pay period during the year and are an employee of PNC on the last business day of December of that year. (The minimum match is prorated for hourly employees and those who are eligible for less than a full year.)

If you want to convert all or a portion of your pretax ISP 401(k) balance to Roth after-tax, in-plan Roth conversions are available. Please refer to the Summary Plan Description for details.

To learn more about vesting, contributions and matching, fund line-up and investment choices, withdrawals, loans and more, please review the PNC ISP 401(k) Plan Overview and Enrollment Guide. For even more detail, please see the PNC ISP Summary Document.

Investment Fund Options

The ISP 401(k) offers a range of investment options, allowing you to choose the funds that best meet your personal savings goals. Your pretax and Roth contributions must be invested the same way. In other words, you cannot invest your pretax balance in one selection of available funds and invest your Roth balance in a different group of funds.

It’s important to read the fund fact sheets and fund prospectuses (available at Pathfinder > Retirement & Investments > Performance Details > Fund Details) before making your investment decisions. Remember that past performance is no guarantee of future results.

Choosing Your Investment Strategy 

The U.S. Department of Labor recommends a well-balanced and diversified portfolio, which means spreading your assets among different types of investments, in order to increase your overall chance for better returns, while minimizing your overall risk of losing money. This is because market (or other economic) conditions that cause one category of assets or one particular security, to perform well, often cause another asset category (or another particular security) to perform poorly.

If you invest more than 20 percent of your retirement savings in any one company or industry, your savings may not be adequately diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk.

How you invest your retirement savings should depend on your age, lifestyle, accumulated wealth, years until retirement, and comfort level around risk.

For more information about individual investing and portfolio diversification, visit the U.S. Department of Labor’s website.

Need help understanding key investment-related terms? Refer to this glossary

Fund Lineup

The ISP 401(k) offers these investment funds (effective Oct. 19, 2018).

Professional Investment Advice

PNC offers ISP 401(k) participants* personalized advice on their savings, investments and retirement income through Alight Financial Advisors (AFA), an independent third-party investment advisor. AFA has hired Financial Engines Advisors L.L.C. (FEA) to provide sub-advisory services.

AFA services include the following:

  • A Retirement Evaluation is mailed to your home annually once you have a balance in the ISP 401(k). This personalized evaluation highlights your current savings/investment strategy in the ISP 401(k) and offers recommendations for improvement.
  • Online Advice offers tools and personalized recommendations to help you invest in the ISP 401(k) as well as your other retirement savings accounts.
    • To access the Online Advice tools, go to Pathfinder > Retirement & Investments > More > Investment Advice.
  • Professional Management is an optional service available by enrollment directly with AFA. An additional cost applies. AFA will develop your personalized retirement plan and handle any transactions in your ISP 401(k). You may enroll in or cancel Professional Management at any time.
    • You may enroll in or cancel Professional Management at any time. For more information, call the HR Service Center at 877-968-7762, select Retirement and Investments from the menu and then select Investment Advice.

*Employees who have been notified that they are restricted employees of PNC will not receive the Retirement Evaluation and are not eligible to enroll in Professional Management. Online Advice is available to restricted employees. In addition, non-U.S. residents and current Professional Management members will also be excluded from receiving Retirement Evaluations.

The Employee Stock Purchase Plan (ESPP) gives you the opportunity to purchase PNC stock at a discount through payroll deductions. Please visit the ESPP section in Other Benefits.