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Retirement plan

VERIZON SAVINGS AND SECURITY PLAN FOR WEST REGION HOURLY EMPLOYEES

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #105PY 2022
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ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-2140
Other plans on this EIN
4 filings
#102Retirement-$25.17B assets#016Retirement-$10.94B assets#011Retirement-$4.94B assets#004Retirement-$2.90B assets
Prospect flagsHigh retiree %Low returnsWind-down / frozen

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
How to read this page

Summary metrics

Total assets (EOY)
$292M
+159.5% from 2016
Total participants
3,003
+183.4% from 2016
Average account balance
$98,261
-4.1% from 2016
Annual return
-17.66%
+52.15 pp from 2016

Benchmarks

See 605 peers
Peer group
Industry51 - Information
Plan typeDefined contribution
Participants250-999
Cohort605 peers
Snapshot2022
Participant deferral / active EE
$8,621
median $7,315
Employer contribution / active EE
$2,664
median $2,332
Participation rate
93.6%
median 89.8%
Avg account balance
$98,261
median $51,435
Admin fee / account holder
$257
median $101
Annual return
-17.66%
median -15.15%
Overall peer rank
47th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$316.43M
Average account balance
Total assets / participants with a balance (line 6g)
$129K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
2,448
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
92.8%
Contributions (total)
Employer and participant dollars contributed each year
$5.75M
Contributions per participant
Average employer and participant contribution per enrolled participant
$13K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+13.48%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$229
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 4 by compensation
ProviderService typeCompensation
FIDELITY INVESTMENTS INSTITUTIONAL8+ years
Service code 15 · EIN 04-2647786
Recordkeeping
$260,294
MITCHELL AND TITUS LLP8+ years
Service code 10 · EIN 13-2781641
Accounting
$56,650
VERIZON COMMUNICATIONS8+ years
Service code 14 · EIN 23-2259884
Plan Administrator
$14,160
AON CONSULTING7 years
Service code 16 · EIN 22-2232264
Consulting
$6,112

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

3 tripped
  • 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
$764K
$1578 / participant
  • Investment mgmt$417K54.6%
  • Contract admin$157K20.6%
  • Other / not subdivided$189K24.8%
% of EOY assets
0.262%
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