Verizon Communications Inc. has filed its annual report on Form 11-K for the fiscal year ended December 31, 2023, with the United States Securities and Exchange Commission. The report details the financial statements of the Verizon Savings and Security Plan for New York and New England Associates, which is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The independent audit, conducted by Mitchell & Titus, LLP, concluded that the financial statements present fairly, in all material respects, the net assets available for benefits and the changes in net assets for the year. The Plan's net assets available for benefits increased from $4,945,829,000 at the beginning of the year to $5,368,727,000 at the end of the...Show More

Verizon Communications Inc. has filed its annual report on Form 11-K for the fiscal year ended December 31, 2023, with the United States Securities and Exchange Commission. The report details the financial statements of the Verizon Savings and Security Plan for New York and New England Associates, which is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The independent audit, conducted by Mitchell & Titus, LLP, concluded that the financial statements present fairly, in all material respects, the net assets available for benefits and the changes in net assets for the year. The Plan's net assets available for benefits increased from $4,945,829,000 at the beginning of the year to $5,368,727,000 at the end of the year, marking a net increase of $422,898,000. The Plan includes various investment options for participants and allows for loans to participants under certain conditions. The Plan is funded by employee contributions, employer-matching contributions, and profit-sharing contributions, although no profit-sharing contribution was made for 2023. The Plan's investments are held in the Verizon Master Savings Trust and are subject to various market risks. The report also includes a reconciliation of financial statements to Form 5500, as required for ERISA compliance.