VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Contribution & Employer Match

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Contribution & Employer Match

VERIZON COMMUNICATIONS INC. provides the following retirement savings benefits to its employees:

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Average Participant Retirement Account Value

In 2023, the average participant retirement account value for VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES is $204,277.00

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES is $5,950.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
380,838.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,950.00 in VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Total Employer Contribution and Match Rate

In 2023, VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES allocates $477,467,200.00 to match its employees' contributions, providing an employer match rate of 57.29% of their contributions

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES is approximately $3,505.00
Investing in this additonal $3,505.00 for 20 years would give you extra $224,335.00, assuming a 10% annual return.

VERIZON SAVINGS PLAN FOR MANAGEMENT EMPLOYEES Contribution & Match Policy

Employee Contributions:

  • Contribution Limits: Employees can contribute up to 50% of eligible compensation (16% for highly compensated employees). Contributions can be made on a before-tax, after-tax, or Roth 401(k) basis.
  • Catch-Up Contributions: Employees aged 50 or older can make additional catch-up contributions.

Employer Contributions & Match:

  • Matching Contributions:
    • For management employees, union-represented Verizon Wireless employees, and certain union-represented employees: 100% match on the first 6% of employee contributions.
    • For other union-represented employees: 100% match on the first 4% and 50% match on the next 2% of employee contributions.
  • Profit Sharing Contributions: Profit sharing contributions are discretionary and were not made for 2023.
  • Contribution in Shares: Employer-matching and profit-sharing contributions may be made in Verizon shares or cash. Shares are held in a unitized fund, not directly owned by participants.

Vesting:

  • Employee Contributions: Participants are always fully vested in their contributions and earnings.
  • Employer Contributions: Participants are vested in employer-matching and profit-sharing contributions after three years of service or upon death, disability, retirement, reaching normal retirement age, or involuntary termination (other than for cause).

Eligibility:

  • Participation: Eligible employees can start contributing to the Plan and receive employer-matching contributions as soon as practicable after hire.
  • Automatic Enrollment: New eligible employees are automatically enrolled at a 6% contribution rate, with investments in the Target Date Fund closest to their retirement age. Contributions are automatically increased by 1% annually unless changed by the participant.

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