Retirement plan

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

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

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #102PY 2024

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

Other plans on this EIN

4 filings

#011Retirement-$5.75B assets #016Retirement-$5.70B assets #004Retirement-$3.45B 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)

$29376.1M

+5.6% from 2023

Total participants

119,145

-5.6% from 2023

Average account balance

$248,321

+12.0% from 2023

Annual return

13.16%

-2.16 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

$29.38B

Not enough data

1 years with asset history on file

Average account balance

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

$248K

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.

118,299

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.

98.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.29B

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$20K

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

+13.16%

Not enough data

1 years with return on file

Admin fee / account holder

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

$474

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 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
MORGAN STANLEY SMITH BARNEY2 years Filed as: JP MORGAN INVEST. MANAGEMENT, INC. Service code 28 · EIN 13-3200244	Investment Management	$700,000
MORGAN STANLEY SMITH BARNEY1 year Filed as: MORGAN STANLEY INVEST. MGMT. INC. Service code 28 · EIN 13-3040307	Investment Management	$494,946
AON CONSULTING9 years Filed as: AON CONSULTING, INC Service code 16 · EIN 22-2232264	Consulting	$463,872
ARISTOTLE CAPITAL MANAGEMENT1 year Filed as: ARISTOTLE CAPITAL MANAGMENT, LLC Service code 28 · EIN 95-4833644	Investment Management	$436,094
GQG PARTNERS LLC1 year Service code 28 · EIN 81-2109181	Investment Management	$396,038
HARRIS1 year Filed as: HARRIS ASSOCIATES L.P. Service code 28 · EIN 04-3276558	Investment Management	$383,780
DUANE MORRIS LLP2 years Filed as: DUANE MORRIS Service code 29 · EIN 23-1392502	Legal	$142,462
ABEL NOSER SOLUTIONS6 years Service code 27 · EIN 81-2351633	Advisory (Plan)	$130,270

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

$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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$248,321

$167,668+48.1%

$100,392+147.4%

$106,553+133.0%

Participation rate

98.7%

87.6%+11.1pp

81.5%+17.2pp

69.8%+28.8pp

Annual return

13.16%

18.33%-5.2pp

49.45%-36.3pp

17.37%-4.2pp

Employer contribution / active EE

$7,269

$4,908+48.1%

$3,941+84.4%

$3,359+116.4%

Participant deferral / active EE

$13,031

$11,427+14.0%

$8,090+61.1%

$5,562+134.3%

Admin fee / account holder

$474

$94+405.3%

$7,904-94.0%

$80+495.2%

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

MORGAN STANLEY SMITH BARNEY2 years

Filed as: JP MORGAN INVEST. MANAGEMENT, INC.

Service code 28 · EIN 13-3200244

Investment Management

$700,000

MORGAN STANLEY SMITH BARNEY1 year

Filed as: MORGAN STANLEY INVEST. MGMT. INC.

Service code 28 · EIN 13-3040307

Investment Management

$494,946

AON CONSULTING9 years

Filed as: AON CONSULTING, INC

Service code 16 · EIN 22-2232264

Consulting

$463,872

ARISTOTLE CAPITAL MANAGEMENT1 year

Filed as: ARISTOTLE CAPITAL MANAGMENT, LLC

Service code 28 · EIN 95-4833644

Investment Management

$436,094

GQG PARTNERS LLC1 year

Service code 28 · EIN 81-2109181

Investment Management

$396,038

HARRIS1 year

Filed as: HARRIS ASSOCIATES L.P.

Service code 28 · EIN 04-3276558

Investment Management

$383,780

DUANE MORRIS LLP2 years

Filed as: DUANE MORRIS

Service code 29 · EIN 23-1392502

Legal

$142,462

ABEL NOSER SOLUTIONS6 years

Service code 27 · EIN 81-2351633

Advisory (Plan)

$130,270

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

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