Plan Snapshot
- Plan Sponsor: Verizon Communications INC.
- Sponsor EIN: 232259884
- Sponsor Address: ONE VERIZON WAY,, BASKING RIDGE, NJ, 07920
- Plan Type: DB
- Total Participants: 21,270
- Total Assets: $5.7B
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 | 21,270 | $5.7B | $481.1M | $0 |
| 2023 | 22,644 | $10.9B | $311.9M | $0 |
| 2022 | 23,778 | $10.9B | $200.0M | $0 |
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 |
|---|---|---|---|---|
| CONDUENT INCORPORATED | NONE | $8,637,715 | — | $8,637,715 |
| AON CONSULTING INC. | NONE | $545,132 | — | $545,132 |
| VERIZON COMMUNICATIONS INC. | EMPLOYER | $404,100 | — | $404,100 |
| DATABANK IMX LLC | NONE | $345,154 | — | $345,154 |
| PRINCIPAL BANK | NONE | $312,622 | — | $312,622 |
| DUANE MORRIS LLP | NONE | $71,033 | — | $71,033 |
| DELAWARE CHARTER GUARANTEE | NONE | $58,964 | — | $58,964 |
| MITCHELL & TITUS, LLP | NONE | $43,157 | — | $43,157 |
| THE AYCO COMPANY L.P. | NONE | $9,024 | — | $9,024 |
| SEDGWICK CLAIMS | NONE | $6,350 | — | $6,350 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- AON CONSULTING INC. — NONE
- DUANE MORRIS LLP — NONE
- DELAWARE CHARTER GUARANTEE — NONE
- MITCHELL & TITUS, LLP — NONE
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $10,433,251
- Estimated Expense Ratio: 0.183% 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 | $21,781,914 | — | $2,382,454 | $43,157 | — |
| 2023 | $22,956,133 | — | $3,099,519 | $55,620 | — |
| 2022 | $21,501,803 | — | — | — | $8,757,659 |