Retirement plan
VERIZON SAVINGS & SECURITY PLAN FOR NEW YORK AND NEW ENGLAND ASSOCIATES
VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #011PY 2016
ONE VERIZON WAY,, MAIL CODE VC34W419 - BASKING RIDGE, NJ 07920908-559-3757
Prospect flagsNo flags tripped
Filing contacts
From the Form 5500, federal recordPlan administrator entity
CHAIRPERSON OF THE VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 300940361
Summary metrics
Total assets (EOY)
$5034.2M
-7.3% from 2016
Total participants
24,607
+7.1% from 2016
Average account balance
$208,302
-13.6% from 2016
Annual return
11.51%
-9.49 pp from 2016
Benchmarks
Peer group
Industry51 - Information
Plan typeDefined contribution
Participants>=10,000
Cohort44 peers
Snapshot2016
70
Participant deferral / active EE
$7,213
median $4,870
74
Employer contribution / active EE
$3,144
median $2,046
84
Participation rate
97.6%
median 89.5%
98
Avg account balance
$208,302
median $91,041
5
Admin fee / account holder
$208
median $56
79
Annual return
11.51%
median 8.91%
Overall peer rank
68of 100
68th percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$5.75B
Average account balance
Total assets / participants with a balance (line 6g)
$344K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
16,708
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
97.2%
Contributions (total)
Employer and participant dollars contributed each year
$208.32M
Contributions per participant
Average employer and participant contribution per enrolled participant
$17K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+13.73%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$388
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 1 by compensation
| Provider | Service type | Compensation |
|---|---|---|
Service code 15 · EIN 04-2647786 | Recordkeeping | $283,792 |
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.
Plan features & details
Pension benefit codes2E2F2H2I2J2K2O3H3I
Plan features
- 2EProfit-sharingProfit-sharing plan.
- 2FERISA section 404(c) planThis plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
- 2HPartial participant-directed account planParticipants 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.
- 2IStock bonusStock bonus plan.
- 2JCode section 401(k) featureCash 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.
- 2KCode section 401(m) arrangementEmployee 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.
- 2OESOP other than a leveraged ESOPEmployee stock ownership plan that is not leveraged.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
- 3IEmployer securities investment requiredPlan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.
Opportunity flags
0 tripped
No flags tripped for this filing year. This plan looks clean.
Expense breakdown
Schedule H Part II
Admin total
$5.0M
$273 / participant
- Investment mgmt$5M94.3%
- Contract admin$7K0.1%
- Other / not subdivided$277K5.5%
% of EOY assets
0.100%
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