Retirement plan

VERIZON SAVINGS AND SECURITY PLAN FOR WEST REGION HOURLY EMPLOYEES

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

VERIZON COMMUNICATIONS INC.EIN 23-2259884Plan #105PY 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 #004Retirement-$3.45B assets

Prospect flagsHigh retiree %Low returnsWind-down / frozen

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)

$316.4M

+5.2% from 2023

Total participants

2,479

-8.4% from 2023

Average account balance

$129,262

+14.8% from 2023

Annual return

13.48%

+1.49 pp from 2023

Benchmarks

See 611 peers

Peer group

Industry51 - Information

Plan typeDefined contribution

Participants250-999

Cohort611 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$316.43M

Not enough data

1 years with asset history on file

Average account balance

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

$129K

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.

2,448

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.

92.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5.75M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$13K

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

+13.48%

Not enough data

1 years with return on file

Admin fee / account holder

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

$229

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 6 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL10+ years Service code 15 · EIN 04-2647786	Recordkeeping	$141,100
MITCHELL & TITUS, LLP10+ years Filed as: MITCHELL AND TITUS LLP Service code 10 · EIN 13-2781641	Accounting	$59,058
DONNELLEY FINANCIAL LLC2 years Service code 10 · EIN 34-4829638	Accounting	$12,436
VERIZON COMMUNICATIONS INC.2 years Service code 14 · EIN 22-2259884	Plan Administrator	$7,196
BOSTON PARTNERS1 year Filed as: BOSTON PARTNERS GLOBAL INVSTRS, INC Service code 28 · EIN 98-0202744	Investment Management	$6,453
AON CONSULTING9 years Service code 16 · EIN 22-2232264	Consulting	$5,308

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

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

$561K

$1305 / participant

Recordkeeping$84K15.0%
Trustee / custodial$90K16.0%
Investment mgmt$319K56.9%
Legal$1K0.3%
Contract admin$6K1.0%
Other / not subdivided$61K10.8%

% of EOY assets

0.177%

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

$129,262

$90,064+43.5%

$100,392+28.8%

$77,736+66.3%

Participation rate

92.8%

81.3%+11.5pp

81.5%+11.3pp

70.6%+22.2pp

Annual return

13.48%

20.61%-7.1pp

49.45%-36.0pp

31.26%-17.8pp

Employer contribution / active EE

$4,145

$3,043+36.2%

$3,941+5.2%

$2,728+52.0%

Participant deferral / active EE

$9,231

$8,282+11.5%

$8,090+14.1%

$4,651+98.5%

Admin fee / account holder

$229

$172+33.2%

$7,904-97.1%

$433-47.1%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL10+ years

Service code 15 · EIN 04-2647786

Recordkeeping

$141,100

MITCHELL & TITUS, LLP10+ years

Filed as: MITCHELL AND TITUS LLP

Service code 10 · EIN 13-2781641

Accounting

$59,058

DONNELLEY FINANCIAL LLC2 years

Service code 10 · EIN 34-4829638

Accounting

$12,436

VERIZON COMMUNICATIONS INC.2 years

Service code 14 · EIN 22-2259884

Plan Administrator

$7,196

BOSTON PARTNERS1 year

Filed as: BOSTON PARTNERS GLOBAL INVSTRS, INC

Service code 28 · EIN 98-0202744

Investment Management

$6,453

AON CONSULTING9 years

Service code 16 · EIN 22-2232264

Consulting

$5,308

VERIZON SAVINGS AND SECURITY PLAN FOR WEST REGION HOURLY EMPLOYEES

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VERIZON SAVINGS AND SECURITY PLAN FOR WEST REGION HOURLY 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