Retirement plan
VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES
VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #102PY 2024
ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-2140
Other plans on this EIN
4 filingsProspect flagsLow returnsHigh fees
Filing contacts
From the Form 5500, federal recordPlan administrator entity
VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 384008214
Summary metrics
Total assets (EOY)
$29376.1M
-7.9% from 2016
Total participants
119,145
+4.4% from 2016
Average account balance
$248,321
-10.5% from 2016
Annual return
13.16%
-10.34 pp from 2016
Benchmarks
Peer group
Industry51 - Information
Plan typeDefined contribution
Participants>=10,000
Cohort39 peers
Snapshot2024
63
Participant deferral / active EE
$13,031
median $10,277
82
Employer contribution / active EE
$7,269
median $5,169
84
Participation rate
98.7%
median 96.1%
84
Avg account balance
$248,321
median $169,051
0
Admin fee / account holder
$474
median $59
5
Annual return
13.16%
median 15.47%
Overall peer rank
53of 100
53rd percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$29.38B
Average account balance
Total assets / participants with a balance (line 6g)
$248K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
118,299
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
98.7%
Contributions (total)
Employer and participant dollars contributed each year
$1.29B
Contributions per participant
Average employer and participant contribution per enrolled participant
$20K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+13.16%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$474
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 25 by compensation
| Provider | Service type | Compensation |
|---|---|---|
FIDELITY INVESTMENTS INSTITUTIONAL10+ years Service code 15 · EIN 04-2647786 | Recordkeeping | $2,422,556 |
VERIZON COMMUNICATIONS INC.3 years Service code 14 · EIN 23-2259884 | Plan Administrator | $846,268 |
Service code 28 · EIN 13-3200244 | Investment Management | $700,000 |
Service code 28 · EIN 13-3040307 | Investment Management | $494,946 |
AON CONSULTING, INC9 years Service code 16 · EIN 22-2232264 | Consulting | $463,872 |
Service code 28 · EIN 95-4833644 | Investment Management | $436,094 |
GQG PARTNERS LLC1 year Service code 28 · EIN 81-2109181 | Investment Management | $396,038 |
HARRIS ASSOCIATES L.P.1 year Service code 28 · EIN 04-3276558 | Investment Management | $383,780 |
DUANE MORRIS2 years Service code 29 · EIN 23-1392502 | Legal | $142,462 |
ABEL NOSER SOLUTIONS6 years Service code 27 · EIN 81-2351633 | Advisory (Plan) | $130,270 |
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 codes2E2F2G2I2J2K2O2S2T3H
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).
- 2GTotal participant-directed account planParticipants have the opportunity to direct the investment of all 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.
- 2SAutomatic enrollmentPlan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
- 2TDefault investment accountTotal or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
2 tripped
- OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
Expense breakdown
Schedule H Part II
Admin total
$56.1M
$882 / participant
- Recordkeeping$4M7.4%
- Trustee / custodial$746K1.3%
- Investment mgmt$50M89.6%
- Legal$317K0.6%
- Contract admin$492K0.9%
- Other / not subdivided$178K0.3%
% of EOY assets
0.191%
all-in expense ratio
Categories reported
5 / 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
- $64,508
- Opinion code
- Unqualified