New Jersey › Information › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Verizon Pension Plan for Associates
Sponsored by Verizon Communications Inc., Basking Ridge, NJ
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Verizon Pension Plan for Associates is a defined benefit pension plan sponsored by Verizon Communications Inc. of Basking Ridge, New Jersey. For the plan year ending 31 Dec 2024 it reported 37,982 participants, 21,270 of them active, and net assets of $5.70B.
Net assets came to $149,957 per participant, well above the $88,040 median for defined benefit plans with 25,000 or more participants and well above the $76,035 median for defined benefit plans in information. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Employer contributions were $481M for the year ($22,617 per active participant) and benefits paid were $5.45B. In a defined benefit plan the employer's contribution follows funding rules rather than a match formula, so it can swing widely from year to year.
Schedule C lists 9 service provider organisations paid $5,000 or more, with reported compensation of $10.4M: $275 per participant, well above the same-size median of $143. Administrative expenses charged to the plan were $21.8M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $9.31B in 2016 to $5.70B in 2024 (down 39%), and participants from 78,206 to 37,982 (down 51%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $149,957 | $88,040 | $76,035 | $86,221 |
| Employer contributions per active participant | $22,617 | $6,524 | $7,015 | $10,244 |
| Schedule C compensation per participant | $275 | $143 | $354 | $344 |
| Schedule C compensation, share of net assets | 0.18% | 0.26% | 0.46% | 0.42% |
| Administrative expenses per participant | $573 | $306 | $671 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 plans), information (147) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 37,982 | $5.70B | $149,957 | $481M | — | $10.4M |
| 2023 | 112,363 | $10.9B | $97,280 | $312M | — | $11.9M |
| 2022 | 115,243 | $10.9B | $94,943 | $200M | — | $10.7M |
| 2021 | 122,962 | $15.9B | $129,646 | — | — | $11.0M |
| 2020 | 127,973 | $16.2B | $126,738 | — | — | $10.9M |
| 2019 | 133,539 | $15.6B | $116,809 | — | — | $11.7M |
| 2018 | 137,966 | $14.3B | $103,791 | — | — | $6.4M |
| 2017 | 75,079 | $10.7B | $142,402 | $997M | — | $7.7M |
| 2016 | 78,206 | $9.31B | $119,012 | $2.09B | — | $6.9M |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$10,930,667,796
- Employer contributions$481,071,250
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$481,071,250
- Total income, including investment results$237,652,330
- Benefits paid$5,451,055,997
- Administrative expenses$21,781,914
- Total expenses$5,472,837,911
- Net income−$5,235,185,581
- Net transfers$170,000
- Net assets, end of year$5,695,652,215
Participants
- Active participants21,270
- Retired or separated, receiving benefits2,190
- Retired or separated, entitled to future benefits13,686
- Participants with account balances0
- Total participants, end of year37,982
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Conduent Incorporated | Copying and duplicating; Other services | $8,637,715 | $0 |
| Aon Consulting Inc. | Actuarial; Consulting (general); Other services | $545,132 | $0 |
| Verizon Communications Inc. | Plan Administrator | $404,100 | $0 |
| Databank Imx LLC | Recordkeeping and information management | $345,154 | $0 |
| Principal Bank | Contract Administrator | $312,622 | $0 |
| Duane Morris LLP | Legal | $71,033 | $0 |
| Delaware Charter Guarantee | Contract Administrator | $58,964 | $0 |
| Mitchell & Titus, LLP | Accounting (including auditing) | $43,157 | $0 |
| The Ayco Company L.P. | Consulting (pension) | $9,024 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other administrative expenses$11,348,663
- Recordkeeping fees$7,391,475
- Contract administrator fees$2,382,454
- Actuarial fees$545,132
- Legal fees$71,033
- IQPA audit fees$43,157
- Total administrative expenses$21,781,914
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Master trust investment accounts$5.21B · 91.6%
- Receivables$481M · 8.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmMitchell & Titus, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $100,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1ABenefits are primarily pay related3HPlan sponsor(s) is (are) a member(s) of a controlled group1ECode section 401(h) arrangement
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 517000: Telecommunications (including paging, cellular, satellite, cable & other program distribution, resellers, other telecommunications, & internet service providers).
Other plans of Verizon Communications Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Verizon Savings Plan for Management Employees | 112,629 | $31.3B |
| Verizon Savings & Security Plan for New York and New England Associates | 16,621 | $6.16B |
| Verizon Savings Security Plan for Mid-Atlantic Associates | 15,009 | $3.73B |
| Verizon Savings and Security Plan for West Region Hourly Employees | 2,313 | $326M |
Similar plans in New Jersey
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Automatic Data Processing Inc. Pension Retirement Plan | Automatic Data Processing, Inc. | 40,486 | $1.75B | $43,182 |
| Verizon Management Pension Plan | Verizon Corporate Services Group Inc. | 34,802 | $1.64B | $47,157 |
| Avaya Pension Plan | Avaya LLC | 5,638 | $625M | $110,805 |
| Production Service and Sales District Council Pension | Board of Trustees Production Service and Sales District Council | 3,848 | $2.4M | $635 |
| Employees' Retirement Plan of John Wiley & Sons,inc. | John Wiley & Sons,inc. | 2,712 | $174M | $64,220 |
| Pearson Inc. Pension Plan | Pearson Education, Inc. | 1,821 | $65.3M | $35,879 |
Defined benefit plans in information closest in size.
Questions and answers
How big is Verizon Pension Plan for Associates?
37,982 participants at the end of the plan year ending 31 Dec 2024, of whom 21,270 were active employees, with net assets of $5,695,652,215. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Verizon Communications Inc. contribute per participant?
The filing reports $481,071,250 in employer contributions for the year, which is $22,617 per active participant; the median for plans of the same type and size was $6,524 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $10,426,901 in compensation to service provider organisations, $275 per participant or 0.18% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $21,781,914. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Verizon Communications Inc.. Recordkeeping or administration: Conduent Incorporated, Aon Consulting Inc. and Verizon Communications Inc.. The financial statements were audited by Mitchell & Titus, LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 8 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 23-2259884, plan 016, received 8 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.