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Retirement plan

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #102PY 2022
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ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-2140
Other plans on this EIN
4 filings
#016Retirement-$10.94B assets#011Retirement-$4.94B assets#004Retirement-$2.90B assets#105Retirement-$292.0M assets
Prospect flagsHigh fees

Filing contacts

From the Form 5500, federal record
Plan sponsor & administrator signer
KEVIN CAMMARATA
Signed 07/20/2023
(908) 559-2140
Plan administrator entity
VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 384008214
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Summary metrics

Total assets (EOY)
$25166.1M
-7.9% from 2016
Total participants
136,215
+4.4% from 2016
Average account balance
$186,134
-10.5% from 2016
Annual return
-16.92%
-10.34 pp from 2016

Benchmarks

See 36 peers
Peer group
Industry51 - Information
Plan typeDefined contribution
Participants>=10,000
Cohort36 peers
Snapshot2022
Participant deferral / active EE
$10,871
median $9,137
Employer contribution / active EE
$6,147
median $4,295
Participation rate
98.7%
median 94.3%
Avg account balance
$186,134
median $115,121
Admin fee / account holder
$534
median $52
Annual return
-16.92%
median -16.49%
Overall peer rank
59th 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 21 by compensation
ProviderService typeCompensation
FIDELITY INVESTMENTS INSTITUTIONAL8+ years
Service code 15 · EIN 04-2647786
Recordkeeping
$3,846,859
MORGAN STANLEY INVEST MGMT INC1 year
Service code 16 · EIN 13-3040307
Consulting
$3,220,457
VERIZON COMMUNICATIONS INC.1 year
Service code 14 · EIN 23-2259884
Plan Administrator
$789,125
AON CONSULTING, INC7 years
Service code 16 · EIN 22-2232264
Consulting
$477,726
JP MORGAN INVEST. MANAGEMENT, INC1 year
Service code 16 · EIN 13-3200244
Consulting
$265,000
PROSKAUER7 years
Service code 29 · EIN 13-1840454
Legal
$162,248
ABEL NOSER SOLUTIONS4 years
Service code 16 · EIN 81-2351633
Consulting
$101,709
THOMPSON HINE1 year
Service code 29 · EIN 34-0575300
Legal
$99,624
BLOOMBERG FINANCE1 year
Service code 16 · EIN 06-1818168
Consulting
$94,199
ALTERNATIVESOFT AG4 years
Service code 16
Consulting
$69,133

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 codes2E2F2G2I2J2K2O2S2T3H
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).
  • 2G
    Total participant-directed account plan
    Participants 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.
  • 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.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 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

1 tripped
  • OpportunityHigh fees

    Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II
Admin total
$72.2M
$925 / participant
  • Investment mgmt$63M86.9%
  • Contract admin$8M11.4%
  • Other / not subdivided$1M1.7%
% of EOY assets
0.287%
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