Verizon Communications Inc. 401(k) Review & Grade
Verizon Savings & Security Plan for New York and New England Associates
Basking Ridge, NJInformation12,430 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,667Employer $ per active participant
$12,092Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$5.8BNet plan assets, end of year
$344,305Average balance per account
Score breakdown
- Employer generosity19.0 / 5038th percentile for employer $ per participant
- Low cost9.4 / 2537th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Information plans with 10,000+ active participants (30 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 37th |
| Employee saving | 62th |
| 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 $4,667 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $58,014,566 |
| Participant (employee) contributions | $150,306,581 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $6,476,918 |
| Investment advisory & management fees | $6,343,646 |
| Benefits paid out | $549,052,512 |
| Net assets, start / end of year | $5.4B / $5.8B |
| Active participants, start / end of year | 12,658 / 12,203 |
| Participants with account balances | 16,708 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Mitchell & Titus, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $133,272 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250625074619NAL0004576019001, received 2025-06-25, EIN 23-2259884, plan #011, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.