Know Your Pension
Home: Know Your Pension About: Know Your Pension Get Involved: Know Your Pension Pension Information Center Join: Know Your Pension

 

PENSION PROTECTION
  • Pension Rights
  • Signs of Abuse
  • Legal Help
    • PENSION PLANS
  • Single Employer
  • Multi Employer
    • PENSION SECTORS
  • Airline
  • Automotive
  • Construction
  • Longshoremen
  • Steel
  • Transportation
    • PENSION FACTS
  • Pension Health
  • Industry Funding
  • Pension Basics
  • Pension Ratings
  • Pension Law
    • SERVICES
  • Pension Network
  • Be Proactive
  • Tell A Friend
    		•  spacer

    Steel Pensions

    Verizon was formed by the merger of Bell Atlantic and GTE in July 1998. The Verizon name comes from veritas, the Latin word connoting certainty and reliability, and horizon, signifying forward-looking and visionary.

    The company announced it would freeze all pension plans on June 30, 2006 for managerial employees and increase 401(k) contributions. These employees will retain pension benefits they have already earned, continue to be eligible to grow into their early retirement pensions, and on June 30, 2006, receive an 18-month enhancement to the value of their pension and retiree medical benefits. These changes will not affect current retirees.

    Management employees hired after Jan. 1, 2006, will no longer earn pension benefits.

    Determining the Health of Your Pension

    For the Verizon Pension Plan for Mid-Atlantic Associates, we included the following factors:

    A
    		 % Change - Is your plan growing or shrinking?
    B
    		 % Active - How many members in your pension plan are active contributors?
    C
    		 Assets divided by Liability - Perhaps the single best indicator of your plan's health.
    D
    		 Has your plan been given a funding waiver?  Could be a Warning Sign.
    E
    		 How much of the value of your plan is coming in via contributions?
    F
    		 Expenses to Income ratio helps show how efficiently your plan is being managed.
    G
    		 The presence of related party transactions has been a warning sign in the past.
    H
    		 Potential red flag - minimum funding waiver used in the past
    I
    		 Potential red flag - Was the minimum fund contribution made?
    J
    		 Potential red flag - Has there been a change in the actuarial cost method?

    Pension Form 5500

    Data comes from the most recent Verizon Pension Plan for Mid-Atlantic Associates Form 5500 (Year: 2004) found at www.freeERISA.com. If you have questions or concerns, the best person to ask is your Plan Administrator or your financial advisor.

     # of Participants 
    A
    B
    Beg.of Yr.
    End of Yr.
    % Change
    % Actives
    73,409
    71,722
    -2.30%
    43.2%

    Actuarial Value of Assets
    Current Liability
    C
      D
    Assets/ Liability
    		 Funding Waiver?
    Yes
    No
    $ 5.7 B
    $ 4.3 B
    132%
    X

     Total Contribution
    E
     Total Income 
    Total Expenses
    F
    Contribution to Value %
    Expense to Income Ratio
     $ 0
    0.0%
     $  646.2 M
      $ 421.2 M 
    65.2%

    G
    H
    Related Party Trx?
    Min. Funding Waiver?
    Yes
    No
    Yes
    No
     
    X
    		  
    X

    I
    J
    > Min.Contribution?
    Change in Cost Method?
    Yes
    No
    Yes
    No
    X
    		  
    X

    Note:  The accountants' audit report was issued with a disclaimer (vs. being "unqualified" as usual)

    Please let us know if you have any questions, if you find this guide useful, or if you have any suggestions to help improve it.
    Single Employer Pension
         RESOURCES
    .

     

    		 

     

    © 2007 Know Your Pension
    Read our privacy guidelines. Contact us.