Verizon Communications Inc. 401(k) Review & Grade
Verizon Savings Security Plan for Mid-Atlantic Associates
Basking Ridge, NJInformation11,847 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,345Employer $ per active participant
$9,151Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$3.4BNet plan assets, end of year
$230,748Average balance per account
Score breakdown
- Employer generosity17.2 / 5034th percentile for employer $ per participant
- Low cost7.3 / 2529th percentile for low admin cost vs. same-size plans
- Employee saving5.2 / 1534th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Information plans with 10,000+ active participants (30 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 29th |
| Employee saving | 34th |
| Peers that auto-enroll | 60% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Verizon Communications put in about $4,345 per active participant, below the typical peer ($5,217). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.14% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $51,478,712 |
| Participant (employee) contributions | $108,416,014 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $4,775,865 |
| Contract administrator fees | $64,949 |
| Investment advisory & management fees | $4,116,066 |
| Other admin expenses | $9,370 |
| Benefits paid out | $339,741,591 |
| Net assets, start / end of year | $3.2B / $3.4B |
| Active participants, start / end of year | 12,020 / 11,674 |
| Participants with account balances | 14,951 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mitchell & Titus, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $477,706 reported compensation |
| Verizon Communications Inc. | $96,963 reported compensation |
| Mitchell Titus LLP | $59,508 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250625074519NAL0018815170001, received 2025-06-25, EIN 23-2259884, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.