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FORM 5500 DATA

Verizon Savings and Security Plan for West Region Hourly Employees

Overview

Plan Information

  • Plan Year01/01/2016 — 12/31/2016
  • Date of Plan09/01/1993
  • Net Assets as of 12/31/2016 $426,250,194
  • Plan Number105
  • Plan Type Single Employer
  • Is the plan collectively bargained?Yes
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2016

  • Active (Eligible) Participants742
  • Retired or separated participants receiving benefits1,123
  • Other retired or separated participants entitled to future benefits2,686
  • Subtotal4,551
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits223
  • Total4,774
  • Total number of participants as of 01/01/201613,529
  • Number of participants with account balances4,652
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested11

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • AddressOne Verizon Way, Mail Code Vc34W419
  • CityBasking Ridge
  • StateNJ
  • Zip07920
  • Telephone(908) 559-3757
  • EIN23-2259884
  • Industry Code517000
  • Named AdministratorJonathan Hayes
  • Named Plan SponsorJonathan Hayes

Plan Administrator Information

  • Administrator NameVerizon Employee Benefits Committee
  • AddressOne Verizon Way, Mail Code Vc34W419
  • CityBasking Ridge
  • StateNJ
  • Zip07920
  • Telephone(908) 559-3757
  • Administrator EIN38-4008214

Audit Information

  • Audit StatusAudited
  • AuditorMitchell & Titus, LLP
  • Auditor EIN13-2781641
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2H Partial participant-directed account plan Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2I Stock bonus A stock bonus plan is a type of profit-sharing by which a corporation uses its own stock to make contributions and distributions.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
2O ESOP other than a leveraged ESOP An Employee Stock Ownership Plan (ESOP) is a type of employee benefit plan designed to invest primarily in employer stock.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).
3I Employer Securities Limitations Plan requiring that all or part of employer contributions be invested and held, at least for a limited period, in employer securities.

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $100,000,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No

Financials

Income and Expense Statement

Income $98,617,273
Contributions $21,098,594
Cash Contributions $21,098,594
Cash from Employers $6,810,074
Cash from Participants $14,288,520
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $77,518,679
Total Interest $0
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $0
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $0
Net investment gain (loss) from master trust investment accounts $77,518,679
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $0
Other Income $0
Expenses $145,611,451
Total Benefit Payments $146,336,783
Directly to participants or beneficiaries, including direct rollovers $95,797,366
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $50,539,417
Corrective Distributions $0
Certain deemed distributions of participant loans $-1,942,128
Interest expense $0
Total Administrative Expenses $1,216,796
Professional Fees $78,743
Contract Administrator Fees $327,146
Investment Advisory and management fees $730,853
Other Administrative Fees $80,054
Net Income $-46,994,178
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $632,676,455

Asset and Liability Statement

12/31/2016 12/31/2015 Change YOY
Total Assets $426,250,194 $1,105,920,827 -61.46%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $19,317 $373,362 -94.83%
Employer Contributions $19,317 $373,362 -94.83%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $0 $0 0.0%
Interest-bearing cash $0 $0 0.0%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $4,907,991 $55,848,368 -91.21%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $0 $0 0.0%
Value of interest in master trust investment accounts $421,322,886 $1,049,699,097 -59.86%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $0 $0 0.0%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $0 $0 0.0%
Employer-related Investments $0 $0 0.0%
Employer Securities $0 $0 0.0%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $0 0.0%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $426,250,194 $1,105,920,827 -61.46%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

There is no information on eligible indirect compensation for this plan.

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Fidelity Investments Institutional Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Participant communication, Direct payment from the plan, Investment management fees paid indirectly by plan, Sub-transfer agency fees, Recordkeeping fees, Account maintenance fees Recordkeeper $321,599 $0 $321,599
Verizon Communications Plan Administrator, Investment advisory (plan), Investment management, Direct payment from the plan Employer $59,302 $0 $59,302
Mitchell and Titus LLP Accounting (including auditing), Direct payment from the plan NONE $48,291 $0 $48,291
Rr Donnelley Consulting (general), Other services, Direct payment from the plan NONE $13,341 $0 $13,341
Thompson Hine LLP Legal, Direct payment from the plan NONE $6,774 $0 $6,774
Aon Consulting Consulting (general), Direct payment from the plan NONE $6,750 $0 $6,750
Xerox Corporation Consulting (general), Copying and duplicating, Direct payment from the plan NONE $6,652 $0 $6,652
Total $462,709 $0 $462,709

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Investments Institutional Tcw Select Equity I Sub-transfer agency fees 0.35% $0
*As outlined by the Form 5500 Instructions for service providers with indirect compensation.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Verizon Master Savings Trust Verizon Communications Inc DFE: Master Trust Investment Account $421,127,815
Bell Atlantic Master Trust/Other Verizon Communications Inc DFE: Master Trust Investment Account $195,071
Total $421,322,886

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.