Verizon 401(k)

With a robust 401(k) plan in place, Verizon offers its employees valuable tools to build their retirement savings. Whether you are a new hire, a current V teamer, or a former employee, knowing the ins and outs of the Verizon 401(k) plan can help you make smart, informed choices.

Once you join Verizon, you will be automatically enrolled in the company's 401(k) plan at a 6% contribution rate. You can contribute up to 50% of your payment on a pre-tax or after-tax basis. If you wish to opt out of the automatic enrollment, you must do so within 45 days of joining the company. The company also matches employee contributions dollar for dollar up to 6% of eligible compensation each pay period.

Verizon 401k provider

The Verizon 401(k) plan, also known as the Verizon Savings Plan for Management Employees, is with Fidelity Investments. Fidelity administers over $15 trillion in customer assets, with over 40 million individual investors and workplace retirement plan participants.

Verizon employees benefit from a wide range of Fidelity services, including investment advice and retirement planning tools accessible through the NetBenefits website. Employees also get access to reliable customer service, educational resources, and a wide pool of investment options.

Verizon 401k login

Verizon 401(k) participants can manage their retirement funds through Fidelity’s NetBenefits. To access your 401(k) account, go to nb.fidelity.com and enter your username and password. First-time users must register a new account before they can access their 401(k) account.

Once logged in, you can view your 401(k) balance, adjust your contribution rates, change beneficiaries, and access retirement planning tools. Fidelity also offers a dedicated mobile app for both iOS and Android devices, allowing users to manage their 401(k) funds on the go.

Verizon 401k match

Verizon offers a generous match to its employees. The company matches $1 for every $1 an employee contributes, up to 6% of their eligible pay each pay period. So, if you contribute at least 6% of your eligible pay, Verizon will contribute 6%, for a total of 12% of your pay.

Verizon also matches 401(k) contributions for your qualified student loan repayments. If you are making qualified student loan repayments, Verizon will contribute an equal amount to your 401(k), up to 6% of your eligible pay.

Verizon 401k customer service

If you need help with your 401(k) account, you can contact Fidelity customer service for assistance. You can reach Fidelity at 800-835-5095 Monday through Friday, from 8.30 am to 12.00 am EST. There are no weekend hours.

Verizon 401k loan

You can borrow money against your Verizon 401(k) account balance for major life events like buying a primary residence, covering education expenses, paying medical bills, etc. You can borrow 50% of your vested balance, up to a maximum of $50,000. Keep in mind that you will repay the loan with interest through payroll deductions.

Verizon 401k after termination

Once you leave Verizon, Fidelity will mail a termination package within one to two weeks to your registered mail, explaining the options you have with your 401(k) money. If your vested balance is under $1,000, it will be automatically cashed out, and you will receive a lump sum distribution via check, unless you elect to roll it over to another retirement plan.

If your balance is above $1,000, but below $5,000, the 401(k) funds will be automatically rolled over to a Fidelity IRA, unless you elect to roll it over to another retirement plan, including an IRA with another financial institution, or your new employer’s 401(k) plan. If your vested balance is above $5,000, you will have several options with the money, including leaving the money with Fidelity, rolling it over to an IRA, or taking a distribution.

Verizon 401k withdrawal

Once you retire or leave Verizon, you will be allowed to make withdrawals from your 401(k) account starting from age 59 ½. You can request a lump sum distribution or set up a withdrawal schedule that fits your financial needs in retirement. These withdrawals will be taxed as ordinary income at your tax bracket, but will not be subject to early withdrawal penalties.

If you leave Verizon during or after the year you turn 55, you will be allowed to take penalty-free withdrawals. If you leave before age 55, you won’t be eligible for the age 55 rule. 

Verizon 401k early withdrawal

If you are below age 59 ½, you may be allowed to withdraw money from your 401(k) under certain circumstances.  For example, if you are facing a financial hardship such as a disability, medical expenses, child care, education expenses, etc., you may be allowed to make an early withdrawal to meet your needs.

You will be required to provide documentation to support your hardship. Additionally, if you are actively employed, you may be allowed to take an in-service withdrawal of your rollover and after-tax contributions.

Verizon 401k rollover form

If you want to rollover your Verizon 401(k) funds to another retirement plan, you will be required to obtain and fill out a rollover form from Fidelity. You can get the rollover form by logging into your NetBenefits account or by calling Fidelity at 800-835-5095. Once the rollover form is submitted, a rollover will be processed within a few days.

Verizon 401k account number

You can find your Verizon 401(k) account number by logging into your NetBenefits account or by checking your 401(k) statements. You can also call Fidelity to help you find your account number. 

Verizon 401k phone number

If you are having issues with your Verizon 401(k) plan, you can contact Fidelity's customer service at 800-835-5095 Monday through Friday, 8.30 am to 12.00 am EST. The customer service representatives can assist with any issues you might have, including rollovers, withdrawals, trouble logging in, to beneficiary updates.

Verizon 401k administrator

The plan administrator for Verizon Inc.'s 401(k) plan is Kevin Cammarata. You can contact the plan administrator at 908-559-3342 or by writing to the following address: One Verizon Way, Basking Ridge, NJ, 07920.

Verizon 401k eligibility

If you recently joined Verizon, you will be automatically enrolled in the company-sponsored 401(k) plan at a 6% contribution rate on a pre-tax basis. If you wish to opt out of the automatic enrollment or want to change the contribution rate, you must do so within 45 days of joining the company. Verizon also allows new 401(k) participants to roll over retirement funds from old employers into the Verizon 401(k) plan.

Verizon 401k vesting

You are always 100% vested in your contributions. However, the employer's matching contributions are subject to a three-year vesting period. So, if you leave Verizon before you have completed three years of service, you may forfeit some or all of the matching contributions. But once you complete three years of service, you will be fully vested, and you get to keep the employer match.

Verizon 401k app

You can manage your Verizon 401(k) funds using the Fidelity NetBenefits mobile app, available for both iOS and Android. You can download the app from the App Store and Google Play Store. You can use the app to check your balance, monitor your investment performance, adjust contributions, or initiate a rollover. You also get personalized notifications and retirement insights to help you track your retirement savings.

Verizon 401k summary plan description

The Summary Plan Description provides information about how the Verizon 401(k) plan works. This document outlines the plan rules, eligibility requirements, investment options, vesting schedules, and distribution rules. Once you enroll in the plan, you will receive a copy of the summary plan description from the plan administrator. You can also request a copy of the document from the plan administrator or via your Fidelity NetBenefits account.