Retirement plan

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

Name: VERIZON COMMUNICATIONS INC. - VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES (2017) 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 2017

ONE VERIZON WAY, - BASKING RIDGE, NJ 07920908-559-3757

Other plans on this EIN

6 filings

#016Retirement-$10.69B assets #011Retirement-$5.35B assets #018Retirement-$5.34B assets #004Retirement-$3.06B assets #105Retirement-$417.7M assets #017Retirement-$186.3M assets

Prospect flagsHigh 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)

$24488.9M

+12.0% from 2016

Total participants

158,981

-0.5% from 2016

Average account balance

$160,047

+14.8% from 2016

Annual return

15.23%

+4.37 pp from 2016

Benchmarks

See 44 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants>=10,000

Cohort44 peers

Snapshot2017

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

Analytics

Total assets (EOY)

Plan-year ending balance

$31.32B

Not enough data

1 years with asset history on file

Average account balance

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

$2.6M

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.

57,761

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.

0.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.27B

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$23K

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

+14.02%

Not enough data

1 years with return on file

Admin fee / account holder

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

$3907

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 INSTITUTIONAL3+ years Service code 15 · EIN 04-2647786	Recordkeeping	$8,868,251
VERIZON COMMUNICATIONS INC.3+ years Filed as: VERIZON COMMUNICATIONS Service code 14 · EIN 23-2259884	Plan Administrator	$1,573,826
AON CONSULTING2+ years Filed as: AON CONSULTING, INC Service code 16 · EIN 22-2232264	Consulting	$469,020
DATA RESEARCH GROUP1 year Filed as: DATA BANK IMX Service code 15 · EIN 25-1921937	Recordkeeping	$191,315
KPMG LLP3+ years Filed as: KPMG Service code 16 · EIN 13-5565207	Consulting	$163,329
THOMPSON HINE3+ years Filed as: THOMPSON HINE LLP Service code 29 · EIN 34-0575300	Legal	$156,280
MITCHELL & TITUS, LLP3+ years Filed as: MITCHELL & TITUS LLP Service code 10 · EIN 13-2781641	Accounting	$108,665
ZENO3+ years Service code 16 · EIN 95-4154420	Consulting	$92,232
XEROX CORPORATION3+ years Service code 16 · EIN 16-0468020	Consulting	$76,590
BLOOMBERG FINANCE LP3+ years Filed as: BLOOMBERG Service code 16 · EIN 13-3417984	Consulting	$51,875

Plan features & details

Pension benefit codes2E2F2H2I2J2K2O2S3H3I

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

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

$68.8M

$663 / participant

Investment mgmt$57M82.4%
Contract admin$9M13.7%
Other / not subdivided$3M3.9%

% of EOY assets

0.281%

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

Metric

This plan

Peer set

Industry

Size

Avg account balance

$160,047

$104,862+52.6%

$90,161+77.5%

$80,976+97.6%

Participation rate

94.2%

78.9%+15.3pp

76.9%+17.4pp

68.3%+26.0pp

Annual return

15.23%

20.18%-4.9pp

34.89%-19.7pp

22.91%-7.7pp

Employer contribution / active EE

$6,204

$2,724+127.7%

$3,318+87.0%

$2,402+158.3%

Participant deferral / active EE

$8,178

$6,098+34.1%

$5,287+54.7%

$3,848+112.5%

Admin fee / account holder

$450

$76+489.7%

$5,943-92.4%

$67+566.8%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL3+ years

Service code 15 · EIN 04-2647786

Recordkeeping

$8,868,251

VERIZON COMMUNICATIONS INC.3+ years

Filed as: VERIZON COMMUNICATIONS

Service code 14 · EIN 23-2259884

Plan Administrator

$1,573,826

AON CONSULTING2+ years

Filed as: AON CONSULTING, INC

Service code 16 · EIN 22-2232264

Consulting

$469,020

DATA RESEARCH GROUP1 year

Filed as: DATA BANK IMX

Service code 15 · EIN 25-1921937

Recordkeeping

$191,315

KPMG LLP3+ years

Filed as: KPMG

Service code 16 · EIN 13-5565207

Consulting

$163,329

THOMPSON HINE3+ years

Filed as: THOMPSON HINE LLP

Service code 29 · EIN 34-0575300

Legal

$156,280

MITCHELL & TITUS, LLP3+ years

Filed as: MITCHELL & TITUS LLP

Service code 10 · EIN 13-2781641

Accounting

$108,665

ZENO3+ years

Service code 16 · EIN 95-4154420

Consulting

$92,232

XEROX CORPORATION3+ years

Service code 16 · EIN 16-0468020

Consulting

$76,590

BLOOMBERG FINANCE LP3+ years

Filed as: BLOOMBERG

Service code 16 · EIN 13-3417984

Consulting

$51,875

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