Retirement plan

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

Name: VERIZON COMMUNICATIONS INC. - VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES (2018) 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 2018

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

Other plans on this EIN

6 filings

#016Retirement-$14.32B assets #011Retirement-$5.31B assets #004Retirement-$3.02B assets #105Retirement-$381.8M assets #017Retirement--#018Retirement--

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)

$24182.8M

-1.2% from 2017

Total participants

159,874

+0.6% from 2017

Average account balance

$152,435

-4.8% from 2017

Annual return

1.47%

-13.76 pp from 2017

Benchmarks

See 43 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants>=10,000

Cohort43 peers

Snapshot2018

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 22 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL4+ years Service code 15 · EIN 04-2647786	Recordkeeping	$7,543,085
VERIZON COMMUNICATIONS INC.4+ years Filed as: VERIZON COMMUNICATIONS Service code 14 · EIN 23-2259884	Plan Administrator	$1,510,665
AON CONSULTING3+ years Filed as: AON CONSULTING, INC Service code 16 · EIN 22-2232264	Consulting	$442,307
KPMG LLP4+ years Filed as: KPMG Service code 16 · EIN 13-5565207	Consulting	$185,895
THOMPSON HINE4+ years Filed as: THOMPSON HINE LLP Service code 29 · EIN 34-0575300	Legal	$124,492
STATE STREET GLOBAL ADVISORS3+ years Filed as: STATE STREET Service code 16 · EIN 04-2773202	Consulting	$86,781
ZENO4+ years Service code 16 · EIN 95-4154420	Consulting	$83,744
COVINGTON & BURLING LLP1 year Filed as: COVINGTON & BURLING Service code 29 · EIN 53-0188411	Legal	$64,866
RR DONNELLEY4+ years Service code 16 · EIN 88-0222636	Consulting	$57,855
MITCHELL & TITUS, LLP4+ years Filed as: MITCHELL & TITUS LLP Service code 10 · EIN 13-2781641	Accounting	$51,371

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

$68.2M

$715 / participant

Investment mgmt$58M84.7%
Contract admin$9M12.5%
Other / not subdivided$2M2.8%

% of EOY assets

0.282%

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

$152,435

$94,115+62.0%

$83,323+82.9%

$73,367+107.8%

Participation rate

98.7%

83.7%+15.0pp

77.8%+20.9pp

69.5%+29.2pp

Annual return

1.47%

-6.12%+7.6pp

10.63%-9.2pp

173.45%-172.0pp

Employer contribution / active EE

$8,386

$2,931+186.1%

$3,379+148.2%

$2,499+235.6%

Participant deferral / active EE

$9,716

$6,759+43.7%

$5,565+74.6%

$4,033+140.9%

Admin fee / account holder

$430

$75+471.8%

$7,539-94.3%

$68+528.4%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL4+ years

Service code 15 · EIN 04-2647786

Recordkeeping

$7,543,085

VERIZON COMMUNICATIONS INC.4+ years

Filed as: VERIZON COMMUNICATIONS

Service code 14 · EIN 23-2259884

Plan Administrator

$1,510,665

AON CONSULTING3+ years

Filed as: AON CONSULTING, INC

Service code 16 · EIN 22-2232264

Consulting

$442,307

KPMG LLP4+ years

Filed as: KPMG

Service code 16 · EIN 13-5565207

Consulting

$185,895

THOMPSON HINE4+ years

Filed as: THOMPSON HINE LLP

Service code 29 · EIN 34-0575300

Legal

$124,492

STATE STREET GLOBAL ADVISORS3+ years

Filed as: STATE STREET

Service code 16 · EIN 04-2773202

Consulting

$86,781

ZENO4+ years

Service code 16 · EIN 95-4154420

Consulting

$83,744

COVINGTON & BURLING LLP1 year

Filed as: COVINGTON & BURLING

Service code 29 · EIN 53-0188411

Legal

$64,866

RR DONNELLEY4+ years

Service code 16 · EIN 88-0222636

Consulting

$57,855

MITCHELL & TITUS, LLP4+ years

Filed as: MITCHELL & TITUS LLP

Service code 10 · EIN 13-2781641

Accounting

$51,371

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