PlanOptica
Retirement plan

VERIZON PENSION PLAN FOR ASSOCIATES

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #016PY 2023
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ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-3342
Other plans on this EIN
4 filings
#102Retirement-$27.83B assets#011Retirement-$5.36B assets#004Retirement-$3.20B assets#105Retirement-$300.7M assets
Prospect flagsHigh retiree %Low participation

Filing contacts

From the Form 5500, federal record
Plan sponsor & administrator signer
KEVIN CAMMARATA
Signed 10/10/2024
(908) 559-3342
Plan administrator entity
VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 384008214
How to read this page

Summary metrics

Total assets (EOY)
$10930.7M
-12.5% from 2017
Total participants
112,363
+4.2% from 2017
Average account balance
$0
No prior year
Annual return
4.84%
-10.10 pp from 2017

Benchmarks

See 191 peers
Peer group
Industryany (size+type match)
Plan typeDefined benefit
Participants>=10,000
Cohort191 peers
Snapshot2023
Participant deferral / active EE
$0
median $12
Employer contribution / active EE
$13,773
median $5,926
Participation rate
0.0%
median 0.0%
Avg account balance
$0
Admin fee / account holder
$0
Annual return
4.84%
median 8.27%
Overall peer rank
25th percentileavg across 6 metrics

Analytics

2016 - 2024
Total assets (EOY)
Plan-year ending balance
$5.70B
Average account balance
Total assets / participants with a balance (line 6g)
$150K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
16,712
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
0.0%
Contributions (total)
Employer and participant dollars contributed each year
$481.07M
Contributions per participant
Average employer and participant contribution per enrolled participant
$23K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
-2.42%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$0
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 9 by compensation
ProviderService typeCompensation
CONDUENT INCORPORATED7 years
Service code 36 · EIN 81-2983623
Copying and duplicating; Recordkeepin...
$9,789,269
PRINCIPAL BANK2 years
Service code 13 · EIN 42-1466678
Contract Administrator
$711,159
AON CONSULTING INC.6 years
Service code 11 · EIN 22-2232264
Actuarial
$548,872
VERIZON COMMUNICATIONS INC.6 years
Service code 14 · EIN 23-2259884
Plan Administrator
$392,703
DATABANK IMX LLC8+ years
Service code 15 · EIN 25-1921937
Recordkeeping
$328,918
MITCHELL & TITUS, LLP8+ years
Service code 10 · EIN 13-2781641
Accounting
$55,620
DUANE MORRIS LLP8+ years
Service code 29 · EIN 23-1392502
Legal
$38,574
PENSION BENEFIT INFORMATION3 years
Service code 49 · EIN 82-2042737
Other Services
$21,558
THE AYCO COMPANY L.P.4 years
Service code 17 · EIN 33-1187432
Pension Consulting
$5,856

Enrolled actuary

1 attachment
SB

DANIEL F. MCFALL

AON CONSULTING, INC.
Enrollment #2304341
MSC# 17755, AON, PO BOX 1447
LINCOLNSHIRE, IL 60069
(847) 295-5000
Signed 2024-09-13

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 codes1A3H1E
Plan features
  • 1A
    Benefits are primarily pay related
    Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
  • 1E
    Section 401(h) arrangement
    Plan contains separate accounts under Code section 401(h) to provide employee health benefits.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped
  • OpportunityLow participation

    Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.

  • InformationalHigh retiree %

    Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

Expense breakdown

Schedule H Part II
Admin total
$23.0M
$1014 / participant
  • Recordkeeping$8M35.5%
  • Legal$39K0.2%
  • Actuarial$549K2.4%
  • Contract admin$3M13.5%
  • Other / not subdivided$11M48.4%
% of EOY assets
0.210%
all-in expense ratio
Categories reported
4 / 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
$55,620
Opinion code
Unqualified