Plan Snapshot
- Plan Sponsor: Verizon Communications INC.
- Sponsor EIN: 232259884
- Sponsor Address: ONE VERIZON WAY,, BASKING RIDGE, NJ, 07920
- Plan Type: 401(k)
- Total Participants: 11,674
- Total Assets: $3.4B
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 11,674 | $3.4B | $51.5M | $108.4M |
| 2023 | 12,015 | $3.2B | $51.2M | $107.6M |
| 2022 | 12,505 | $2.9B | $51.3M | $107.9M |
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 |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL | RECORDKEEPER | $477,706 | — | $477,706 |
| VERIZON COMMUNICATIONS INC. | EMPLOYER | $96,963 | — | $96,963 |
| MITCHELL TITUS LLP | NONE | $59,508 | — | $59,508 |
| AON CONSULTING, INC | NONE | $53,030 | — | $53,030 |
| DONNELLEY FINANCIAL LLC | NONE | $17,153 | — | $17,153 |
| DUANE MORRIS | NONE | $17,017 | — | $17,017 |
| ABEL NOSER SOLUTIONS | NONE | $15,093 | — | $15,093 |
| THOMPSON HINE LLP | NONE | $12,246 | — | $12,246 |
| BLOOMBERG FINANCE | NONE | $11,656 | — | $11,656 |
| ALTERNATIVESOFT AG | NONE | $9,068 | — | $9,068 |
| CONDUENT HR SERVICES LLC | NONE | $7,225 | — | $7,225 |
| BROADRIDGE | NONE | $5,364 | — | $5,364 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — RECORDKEEPER
- MITCHELL TITUS LLP — NONE
- AON CONSULTING, INC — NONE
- DUANE MORRIS — NONE
- THOMPSON HINE LLP — NONE
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $782,029
- Estimated Expense Ratio: 0.023% 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 | $4,775,865 | $4,116,066 | $64,949 | $59,508 | — |
| 2023 | $4,716,767 | $4,089,018 | $73,817 | $57,783 | — |
| 2022 | $5,533,100 | $4,677,301 | $567,157 | — | $77,538 |