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: 63,563
- Total Assets: $29.4B
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 | 63,563 | $29.4B | $462.1M | $828.3M |
| 2023 | 69,218 | $27.8B | $477.5M | $833.5M |
| 2022 | 78,072 | $25.2B | $479.9M | $848.7M |
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 |
|---|---|---|---|---|
| MITCHELL & TITUS, LLP | Auditor | $64,508 | — | $64,508 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- MITCHELL & TITUS, LLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $64,508
- Estimated Expense Ratio: 0.000% 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 | $56,080,620 | $50,224,604 | $491,928 | $64,508 | — |
| 2023 | $56,641,057 | $49,896,428 | $543,737 | $57,783 | — |
| 2022 | $72,230,063 | $62,790,564 | $8,207,720 | — | $385,715 |