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: 430
- Total Assets: $316.4M
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 | 430 | $316.4M | $1.8M | $4.0M |
| 2023 | 466 | $300.7M | $1.8M | $4.0M |
| 2022 | 484 | $292.0M | $1.3M | $4.2M |
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 | $141,100 | — | $141,100 |
| MITCHELL AND TITUS LLP | Auditor | $59,058 | — | $59,058 |
| DONNELLEY FINANCIAL LLC | Other Service Provider | $12,436 | — | $12,436 |
| VERIZON COMMUNICATIONS INC. | Other Service Provider | $7,196 | — | $7,196 |
| BOSTON PARTNERS GLOBAL INVSTRS, INC | Other Service Provider | $6,453 | — | $6,453 |
| AON CONSULTING | Recordkeeper | $5,308 | — | $5,308 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- FIDELITY INVESTMENTS INSTITUTIONAL — Recordkeeper
- MITCHELL AND TITUS LLP — Auditor
- AON CONSULTING — Recordkeeper
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $231,551
- Estimated Expense Ratio: 0.073% 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 | $560,975 | $319,085 | $5,859 | $59,508 | — |
| 2023 | $626,884 | $352,515 | $6,769 | $57,783 | — |
| 2022 | $763,733 | $416,888 | $157,486 | — | $60,156 |