Retirement plan

VERIZON SAVINGS SECURITY PLAN FOR MID-ATLANTIC ASSOCIATES

Name: VERIZON COMMUNICATIONS INC. - VERIZON SAVINGS SECURITY PLAN FOR MID-ATLANTIC ASSOCIATES (2024) Form 5500
Creator: VERIZON COMMUNICATIONS INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VERIZON SAVINGS SECURITY PLAN FOR MID-ATLANTIC ASSOCIATES, VERIZON COMMUNICATIONS INC.

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #004PY 2024

ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-2140

Other plans on this EIN

4 filings

#102Retirement-$29.38B assets #011Retirement-$5.75B assets #016Retirement-$5.70B assets #105Retirement-$316.4M assets

Prospect flagsLow returnsHigh fees

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.

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Total assets (EOY)

$3449.9M

+7.8% from 2023

Total participants

15,222

-3.2% from 2023

Average account balance

$230,748

+11.6% from 2023

Annual return

13.43%

+0.35 pp from 2023

Benchmarks

See 39 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants>=10,000

Cohort39 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$3.45B

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$231K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

14,951

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

97.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$159.89M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+13.43%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$319

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 10 of 12 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL10+ years Service code 15 · EIN 04-2647786	Recordkeeping	$477,706
VERIZON COMMUNICATIONS INC.2 years Service code 14 · EIN 23-2259884	Plan Administrator	$96,963
MITCHELL & TITUS, LLP1 year Filed as: MITCHELL TITUS LLP Service code 10 · EIN 13-2781641	Accounting	$59,508
AON CONSULTING4 years Filed as: AON CONSULTING, INC Service code 16 · EIN 22-2232264	Consulting	$53,030
DONNELLEY FINANCIAL LLC2 years Service code 10 · EIN 34-4829638	Accounting	$17,153
DUANE MORRIS LLP2 years Filed as: DUANE MORRIS Service code 29 · EIN 23-1392502	Legal	$17,017
ABEL NOSER SOLUTIONS6 years Service code 27 · EIN 81-2351633	Advisory (Plan)	$15,093
THOMPSON HINE10+ years Filed as: THOMPSON HINE LLP Service code 29 · EIN 34-0575300	Legal	$12,246
BLOOMBERG FINANCE LP5 years Filed as: BLOOMBERG FINANCE Service code 27 · EIN 06-1818168	Advisory (Plan)	$11,656
ALTERNATIVESOFT AG5 years Service code 27 · EIN 11-1687743	Advisory (Plan)	$9,068

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

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

$4.8M

$409 / participant

Recordkeeping$343K7.2%
Trustee / custodial$152K3.2%
Investment mgmt$4M86.2%
Legal$31K0.7%
Contract admin$65K1.4%
Other / not subdivided$69K1.4%

% of EOY assets

0.138%

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: $59,508
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$230,748

$167,668+37.6%

$100,392+129.8%

$106,553+116.6%

Participation rate

97.7%

87.6%+10.1pp

81.5%+16.2pp

69.8%+27.8pp

Annual return

13.43%

18.33%-4.9pp

49.45%-36.0pp

17.37%-3.9pp

Employer contribution / active EE

$4,410

$4,908-10.2%

$3,941+11.9%

$3,359+31.3%

Participant deferral / active EE

$9,287

$11,427-18.7%

$8,090+14.8%

$5,562+67.0%

Admin fee / account holder

$319

$94+240.5%

$7,904-96.0%

$80+301.0%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL10+ years

Service code 15 · EIN 04-2647786

Recordkeeping

$477,706

VERIZON COMMUNICATIONS INC.2 years

Service code 14 · EIN 23-2259884

Plan Administrator

$96,963

MITCHELL & TITUS, LLP1 year

Filed as: MITCHELL TITUS LLP

Service code 10 · EIN 13-2781641

Accounting

$59,508

AON CONSULTING4 years

Filed as: AON CONSULTING, INC

Service code 16 · EIN 22-2232264

Consulting

$53,030

DONNELLEY FINANCIAL LLC2 years

Service code 10 · EIN 34-4829638

Accounting

$17,153

DUANE MORRIS LLP2 years

Filed as: DUANE MORRIS

Service code 29 · EIN 23-1392502

Legal

$17,017

ABEL NOSER SOLUTIONS6 years

Service code 27 · EIN 81-2351633

Advisory (Plan)

$15,093

THOMPSON HINE10+ years

Filed as: THOMPSON HINE LLP

Service code 29 · EIN 34-0575300

Legal

$12,246

BLOOMBERG FINANCE LP5 years

Filed as: BLOOMBERG FINANCE

Service code 27 · EIN 06-1818168

Advisory (Plan)

$11,656

ALTERNATIVESOFT AG5 years

Service code 27 · EIN 11-1687743

Advisory (Plan)

$9,068

VERIZON SAVINGS SECURITY PLAN FOR MID-ATLANTIC ASSOCIATES

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VERIZON SAVINGS SECURITY PLAN FOR MID-ATLANTIC ASSOCIATES

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion