Verizon Communications Inc. has filed its annual 11-K report with the SEC for the fiscal year ended December 31, 2023. The report covers the Verizon Savings and Security Plan for West Region Hourly Employees, detailing the financial statements and supplemental schedules. The independent audit, conducted by Mitchell & Titus, LLP, concluded that the financial statements present fairly the net assets available for benefits, which amounted to $301.7 million at the end of 2023, up from $293.1 million the previous year. The Plan saw a net increase in assets due to investment income and participant contributions, despite deductions for benefits paid and administrative expenses. The Plan, which is a defined contribution plan subject to ERISA, includes provisions for participant contributions, employer-matching, and profit-sharing contributions, with...Show More

Verizon Communications Inc. has filed its annual 11-K report with the SEC for the fiscal year ended December 31, 2023. The report covers the Verizon Savings and Security Plan for West Region Hourly Employees, detailing the financial statements and supplemental schedules. The independent audit, conducted by Mitchell & Titus, LLP, concluded that the financial statements present fairly the net assets available for benefits, which amounted to $301.7 million at the end of 2023, up from $293.1 million the previous year. The Plan saw a net increase in assets due to investment income and participant contributions, despite deductions for benefits paid and administrative expenses. The Plan, which is a defined contribution plan subject to ERISA, includes provisions for participant contributions, employer-matching, and profit-sharing contributions, with various investment options available. The Plan's investments are held in the Verizon Master Savings Trust, and the report includes a fair value measurement of these investments. The Plan is deemed compliant with the IRC, and no uncertain tax positions were identified. The report also includes a reconciliation of financial statements to Form 5500, required for ERISA compliance.