Retirement plan
GTE FLORIDA INCORPORATED PLAN FOR HOURLY-PAID EMPLOYEES' PENSIONS
VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #017PY 2017
ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-3342
Prospect flagsHigh retiree %Low returnsLow employer contributionWind-down / frozen
Filing contacts
From the Form 5500, federal recordPlan administrator entity
VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 384008214
Summary metrics
Total assets (EOY)
$186.3M
+11.9% from 2017
Total participants
2,616
+4.0% from 2017
Average account balance
$0
No prior year
Annual return
-1.34%
-43.83 pp from 2017
Benchmarks
Peer group
Industry51 - Information
Plan typeDefined benefit
Participants100-249
Cohort56 peers
Snapshot2017
0
Participant deferral / active EE
$0
median $0
0
Employer contribution / active EE
$0
median $9,664
0
Participation rate
0.0%
median 0.0%
0
Avg account balance
$0
median $33,857
0
Admin fee / account holder
$0
median $141
2
Annual return
-1.34%
median 12.25%
Overall peer rank
1of 100
1st percentileavg across 6 metrics
Analytics
2016 - 2018
Total assets (EOY)
Plan-year ending balance
$0
Average account balance
Total assets / participants with a balance (line 6g)
$71K
Not enough data
2 years with per-participant data
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
2,385
Not enough data
2 years with headcount on file
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
0.0%
Not enough data
2 years with eligibility data
Contributions (total)
Employer and participant dollars contributed each year
$20.24M
Not enough data
1 years with contributions on file
Contributions per participant
Average employer and participant contribution per enrolled participant
$82K
Not enough data
1 years with per-participant contribution data
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
-91.80%
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
Not enough data
2 years with F_SCH_H allocation on file
Service providers
Top 7 by compensation
| Provider | Service type | Compensation |
|---|---|---|
AON CONSULTING INC.2+ years Service code 11 · EIN 22-2232264 | Actuarial | $340,586 |
XEROX CORPORATION2+ years Service code 36 · EIN 16-0468020 | Direct payment from the plan; Copying... | $65,034 |
CONDUENT INCORPORATED1 year Service code 36 · EIN 81-2983623 | Direct payment from the plan; Other s... | $59,782 |
MITCHELL & TITUS, LLP2+ years Service code 10 · EIN 13-2781641 | Accounting | $31,021 |
WELLS FARGO CO2+ years Service code 13 · EIN 94-1347393 | Contract Administrator | $18,850 |
VERIZON COMMUNICATIONS INC2+ years Service code 13 · EIN 23-2259884 | Contract Administrator | $14,739 |
DATABANK IMX LLC2+ years Service code 15 · EIN 25-1921937 | Recordkeeping | $5,601 |
Enrolled actuary
1 attachment
SB
DANIEL F. MCFALL
AON CONSULTING, INC.
Enrollment #1704341
4 OVERLOOK POINT
LINCOLNSHIRE, IL 60069
(847) 295-5000
Signed 2018-09-13
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.
Plan features & details
Pension benefit codes1A3H
Plan features
- 1ABenefits are primarily pay relatedBenefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
4 tripped
- OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
- InformationalHigh retiree %
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.
- InformationalWind-down / frozen
Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.
Expense breakdown
Schedule H Part II
Admin total
$726K
$3141 / participant
- Other / not subdivided$726K100.0%
% of EOY assets
0.389%
all-in expense ratio
Categories reported
0 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Disclaimer opinion
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
- Auditor firm
- MITCHELL & TITUS, LLP
- Auditor EIN
- 132781641
- Audit fees
- (not subdivided)
- Opinion code
- Disclaimer