This report is not for commercial use. Thorough reviews have been conducted to assure this data accurately reflects disclosures. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The information shown here is a reporting of information included in the company's proxy statement. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information.
For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. You may also find the annual proxy statement by going directly to the company's website. A proxy statement or "proxy" is a form that every publicly traded U. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting.
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All proxy statements are public filings made available to the general public by the SEC. To the Verizon Employee Benefits Committee:. We have audited the accompanying statements of net assets available for benefits of Verizon Savings Plan for Management Employees the Plan as of December 31, and , and the related statement of changes in net assets available for benefits for the year ended December 31, Our responsibility is to express an opinion on these financial statements based on our audits. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, and , and the changes in its net assets available for benefits for the year ended December 31, , in conformity with U.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
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New York, New York. June 27, Statement of Net Assets Available for Benefits. As of December 31, Investments in Master Trusts at fair value. Notes receivable from participants. Employer contribution receivable. Total assets. Notes payable. Net assets reflecting investments at fair value. Adjustment from fair value to contract value for fully benefit-responsive investment contracts. Net assets available for benefits. The accompanying notes are an integral part of these financial statements.
For the Year Ended December 31, Participants contributions. Employer contributions. Total contributions. Transfers among funds. Transfers from other plans and other, net. Net investment gain loss from investments in Master Trusts. Total additions. Benefits paid to participants. Transfers to other plans and other, net.
Table of Contents
Interest expense. Administrative expenses. Total deductions. Net change. Beginning of year. End of year. December 31, Covered employees are eligible to make tax-deferred or after-tax contributions to the Plan and to receive matching employer contributions, upon completion of enrollment in the Plan, as soon as practicable following the date of hire. Beginning January 1, , covered employees who are employed by Verizon or its Participating Affiliates on the last day of the year or who satisfy certain other requirements may receive an employer profit sharing contribution under the Plan.
Plan Mergers. Investment Options. Participants direct their contributions to be invested in any of the current investment options. Participant Accounts. Allocations of Plan income are based on participant account balances. Table of Contents Administrative Expenses. Plan administrative fees may include legal, accounting, trustee, recordkeeping, and other administrative fees and expenses associated with maintaining the Plan.
Participants are provided with a detailed schedule of fees in the annual disclosure notice. Payment of Benefits. Benefits are recorded when paid. Participant Loans. Loans are generally repaid by payroll deductions. The term of repayment for loans generally will not be less than six months nor more than five years 15 years for a loan to purchase a principal residence.
Beginning January 1, , each new loan bears interest at a rate based on the prime rate plus one percent as determined on the last business day of the calendar quarter immediately preceding the calendar quarter in which the loan is made. New loans made prior to January 1, bear interest at a rate based upon the prime rate.
Interest rates ranged from 3. Master Trusts. This percentage is based on a pro rata share of the net assets in the Master Trust.
The Plan owned approximately Expenses of administering the Plan, including fees and expenses of the Trustee may be charged to the Plan. Investment fees are charged against the earnings of the funds and portfolios. The Trustee is also responsible for the investment and reinvestment of the funds and portfolios of the Plan, except to the extent that it is directed by Verizon Investment Management Corp.
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The assets in the Bell Atlantic Master Trust include assets which are pooled between defined benefit plans and defined contribution plans. The net assets of the Master Trusts are allocated by assigning to each plan participating in the Master Trusts those transactions primarily contributions, benefit payments, and plan-specific expenses that can be specifically identified as relating to such plan and by allocating, in proportion to the fair value of the assets assigned to such plan, income and expenses resulting from the collective investment of the assets of the Master Trusts.
Plan Modification. The Board of Directors of Verizon may terminate or partially terminate the Plan at any time and also may modify, alter or amend the Plan at any time. The most senior Human Resources officer of Verizon also has the right to modify, alter or amend the Plan at any time. No amendment may permit any of the assets held pursuant to the Plan to be used for any purpose other than for the exclusive benefit of the participants and their beneficiaries or for paying reasonable expenses of administering the Plan, except that shares of Verizon common stock pledged as collateral for an ESOP Loan may be sold to repay the ESOP Loan.
Verizon Savings Plan for Management Employees
In the event the Plan terminates, participants will become fully vested in their accounts. Risks and Uncertainties. The Plan provides investment options for participants who can invest in combinations of stocks, fixed income securities, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, equity price, and credit risks.
Basis of Accounting. The accompanying financial statements have been prepared on the accrual basis of accounting. Table of Contents Use of Estimates. Actual results could differ from those estimates. Notes Receivable from Participants. Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest.
Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, or If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a distribution is recorded.