Retirement plan
VERIZON SAVINGS AND SECURITY PLAN FOR WEST REGION HOURLY EMPLOYEES
VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #105PY 2023
ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-2140
Other plans on this EIN
4 filingsProspect flagsHigh retiree %Low returnsWind-down / frozen
Filing contacts
From the Form 5500, federal recordPlan administrator entity
VERIZON EMPLOYEE BENEFITS COMMITTEE
EIN 384008214
Summary metrics
Total assets (EOY)
$300.7M
+159.5% from 2016
Total participants
2,705
+183.4% from 2016
Average account balance
$112,574
-4.1% from 2016
Annual return
11.99%
+52.15 pp from 2016
Benchmarks
Peer group
Industry51 - Information
Plan typeDefined contribution
Participants250-999
Cohort601 peers
Snapshot2023
52
Participant deferral / active EE
$8,491
median $8,179
65
Employer contribution / active EE
$3,927
median $2,631
54
Participation rate
92.7%
median 91.3%
80
Avg account balance
$112,574
median $63,674
16
Admin fee / account holder
$235
median $110
4
Annual return
11.99%
median 21.22%
Overall peer rank
45of 100
45th 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 5 by compensation
| Provider | Service type | Compensation |
|---|---|---|
Service code 15 · EIN 04-2647786 | Recordkeeping | $171,963 |
MITCHELL AND TITUS LLP9+ years Service code 10 · EIN 13-2781641 | Accounting | $57,783 |
DONNELLEY FINANCIAL LLC1 year Service code 10 · EIN 34-4829638 | Accounting | $34,852 |
Service code 14 · EIN 22-2259884 | Plan Administrator | $5,892 |
AON CONSULTING8 years Service code 16 · EIN 22-2232264 | Consulting | $5,520 |
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
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
$627K
$1345 / participant
- Recordkeeping$107K17.1%
- Trustee / custodial$99K15.8%
- Investment mgmt$353K56.2%
- Legal$2K0.3%
- Contract admin$7K1.1%
- Other / not subdivided$59K9.4%
% of EOY assets
0.208%
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
- $57,783
- Opinion code
- Unqualified