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Retirement plan

VERIZON SAVINGS SECURITY PLAN FOR MID-ATLANTIC ASSOCIATES

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #004PY 2019
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ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-3757
Other plans on this EIN
4 filings
#102Retirement-$26.54B assets#016Retirement-$15.60B assets#011Retirement-$6.09B assets#105Retirement-$398.8M assets
Prospect flagsLow returns

Filing contacts

From the Form 5500, federal record
Plan sponsor & administrator signer
KEVIN CAMMARATA
Signed 07/19/2020
(908) 559-3757
Plan administrator entity
CHAIRPERSON OF THE VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 300940361
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Summary metrics

Total assets (EOY)
$3473.5M
-7.9% from 2016
Total participants
19,220
+5.1% from 2016
Average account balance
$185,015
-13.1% from 2016
Annual return
16.94%
-9.37 pp from 2016

Benchmarks

See 42 peers
Peer group
Industry51 - Information
Plan typeDefined contribution
Participants>=10,000
Cohort42 peers
Snapshot2019
Participant deferral / active EE
$7,176
median $7,055
Employer contribution / active EE
$3,828
median $2,897
Participation rate
97.0%
median 92.5%
Avg account balance
$185,015
median $103,347
Admin fee / account holder
$236
median $66
Annual return
16.94%
median 23.16%
Overall peer rank
49th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$3.45B
Average account balance
Total assets / participants with a balance (line 6g)
$231K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
14,951
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
97.7%
Contributions (total)
Employer and participant dollars contributed each year
$159.89M
Contributions per participant
Average employer and participant contribution per enrolled participant
$14K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+13.43%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$319
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 10 of 12 by compensation
ProviderService typeCompensation
FIDELITY INVESTMENTS INSTITUTIONAL5+ years
Service code 15 · EIN 04-2647786
Recordkeeping
$596,370
VERIZON COMMUNICATIONS5+ years
Service code 14 · EIN 23-2259884
Plan Administrator
$162,865
AON CONSULTING,INC4 years
Service code 16 · EIN 22-2232264
Consulting
$54,536
MITCHELL & TITUS LLP5+ years
Service code 10 · EIN 13-2781641
Accounting
$52,530
DONNELLY FINANCIAL3 years
Service code 16 · EIN 88-0222636
Consulting
$17,802
CEM BENCHMARKING4 years
Service code 38 · EIN 98-0180257
Participant Communication
$17,000
THOMPSON HINE LLP5+ years
Service code 29 · EIN 34-0575300
Legal
$15,669
BLOOMBERG5+ years
Service code 16 · EIN 13-3417984
Consulting
$9,980
ABEL NOSER SOLUTIONS1 year
Service code 16 · EIN 81-2351633
Consulting
$9,234
CONDUENT HR SERVICES LLC2 years
Service code 16 · EIN 81-2983623
Consulting
$6,794

Top hat statement on fileNQDC

Filed September 28, 1999 (most recent of 3 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

Plan features & details

Pension benefit codes2E2F2H2I2J2K2S2O3H3I
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2H
    Partial participant-directed account plan
    Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2I
    Stock bonus
    Stock bonus plan.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2O
    ESOP other than a leveraged ESOP
    Employee stock ownership plan that is not leveraged.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
  • 3I
    Employer securities investment required
    Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

1 tripped
  • OpportunityLow returns

    Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II
Admin total
$4.4M
$298 / participant
  • Investment mgmt$3M77.7%
  • Contract admin$689K15.6%
  • Other / not subdivided$298K6.7%
% of EOY assets
0.127%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
MITCHELL & TITUS, LLP
Auditor EIN
132781641
Audit fees
(not subdivided)
Opinion code
Unqualified