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 |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL | Recordkeeper | $2,422,556 | — | $2,422,556 |
| VERIZON COMMUNICATIONS INC. | Other Service Provider | $846,268 | — | $846,268 |
| JP MORGAN INVEST. MANAGEMENT, INC. | Recordkeeper | $700,000 | — | $700,000 |
| MORGAN STANLEY INVEST. MGMT. INC. | Recordkeeper | $494,946 | — | $494,946 |
| AON CONSULTING, INC | Recordkeeper | $463,872 | — | $463,872 |
| ARISTOTLE CAPITAL MANAGMENT, LLC | Other Service Provider | $436,094 | — | $436,094 |
| GQG PARTNERS LLC | Other Service Provider | $396,038 | — | $396,038 |
| HARRIS ASSOCIATES L.P. | Other Service Provider | $383,780 | — | $383,780 |
| DUANE MORRIS | ERISA Attorney | $142,462 | — | $142,462 |
| ABEL NOSER SOLUTIONS | Other Service Provider | $130,270 | — | $130,270 |
| THOMPSON HINE | ERISA Attorney | $106,465 | — | $106,465 |
| BLOOMBERG FINANCE | Other Service Provider | $102,197 | — | $102,197 |
| ALTERNATIVESOFT AG | Other Service Provider | $80,342 | — | $80,342 |
| MITCHELL AND TITUS LLP | Auditor | $64,508 | — | $64,508 |
| PROSKAUER | Other Service Provider | $63,023 | — | $63,023 |
| BROADRIDGE | Other Service Provider | $46,399 | — | $46,399 |
| BNY MELLON | Other Service Provider | $36,508 | — | $36,508 |
| DONNELLEY FINANCIAL LLC | Other Service Provider | $34,444 | — | $34,444 |
| CEM BENCHMARKING | Other Service Provider | $34,000 | — | $34,000 |
| WOLFE RESEARCH | Other Service Provider | $19,000 | — | $19,000 |
| AYCO | Other Service Provider | $17,184 | — | $17,184 |
| EVESTMENT ALLIANCE | Other Service Provider | $11,078 | — | $11,078 |
| KPMG | Auditor | $10,873 | — | $10,873 |
| MERCER INVESTMENTS LLC | Other Service Provider | $9,840 | — | $9,840 |
| WOLTERS KLUWER | Other Service Provider | $5,156 | — | $5,156 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — Recordkeeper
- JP MORGAN INVEST. MANAGEMENT, INC. — Recordkeeper
- MORGAN STANLEY INVEST. MGMT. INC. — Recordkeeper
- AON CONSULTING, INC — Recordkeeper
- DUANE MORRIS — ERISA Attorney
- THOMPSON HINE — ERISA Attorney
- MITCHELL AND TITUS LLP — Auditor
- KPMG — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $7,057,303
- Estimated Expense Ratio: 0.024% 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 |