Plan Snapshot
- Plan Sponsor: Verizon Communications INC.
- Sponsor EIN: 232259884
- Sponsor Address: ONE VERIZON WAY,, BASKING RIDGE, NJ, 07920
- Plan Type: 401(k)
- Plan Number: 580
- Total Participants: 68,030
- Total Assets: $237.8M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: No
- ERISA Section 404(c) Fiduciary Safe Harbor: No
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 68,030 | $237.8M | $1.3B | $259.9M |
| 2023 | 74,904 | $224.2M | $1.3B | $261.5M |
| 2022 | 81,811 | $205.8M | $1.2B | $261.1M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| GRANTHAM,MAYO,VAN OTTERLOO&CO (GMO) | Other Service Provider | $325,922 | — | $325,922 |
| ALLIANCE BERNSTEIN LP. | Other Service Provider | $201,965 | — | $201,965 |
| THE BANK OF NEW YORK MELLON | Custodian / Trustee | $119,143 | — | $119,143 |
| COMPSYCH | Other Service Provider | — | $110,920 | $110,920 |
| AON HEWITT INVESTMENT | Other Service Provider | $98,339 | — | $98,339 |
| VERIZON COMMUNICATIONS INC. | Other Service Provider | $29,717 | — | $29,717 |
| THOMPSON HINE LLP | ERISA Attorney | $8,784 | — | $8,784 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- THOMPSON HINE LLP — ERISA Attorney
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $894,790
- Estimated Expense Ratio: 0.376% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $2,957,469 | $618,732 | $32,095 | — | — |
| 2023 | $2,535,615 | $529,305 | $22,760 | — | — |
| 2022 | $2,384,036 | $490,355 | $101,152 | — | $49,251 |