If you look at the Verizon 401k plan that is publicly available and understand it.
You too could see it’s different from some other 401ks
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For those saying the fund selection is terrible get your money out of the sh---y target date funds they push on you with high expense ratio. They have options that track the s&p500, small and mid caps, international exposure, etc. the options are fine if you get outside the dog sh-t TDFs
Annual profit sharing? They got rid of the 401k bonus a couple years back for most employees. They have this stock option garbage grant that is smaller and non 401k related.
It is good. 6% dollar for dollar match plus annual profit sharing = cha ching! That plus STI's, LTI's and VAR's made this former wireless employee a millionaire before age 40.
Then VZW merged with the bloated old telco VZ yikes! Thank god I took the money + my VSP and got the heck out of this unionized toilet! Now I am cruising to an early retirement. Thanks VZW!
If you don't like the fund choices available, check out the rollover options available through Fidelity. If you have both pre and post tax money in your 401k, you can rollover both to a traditional IRA (pretax) and Roth IRA (post tax contributions) and still allow your money to grow tax advantaged without being limited to the ~20 or so funds available in the VZ 401k.
Check IRS website and VZ About You pages for more details but this is a good place to start
I wish they offered a commodity fund or a crypto fund. Fidelity is launching a bit boin ETF,
why not extend that downstream to the 401L holders?
The fund selections is terrible
Sure it’s better than others but the fund selection still pretty much sucks. Who cares how good the match is when the fund selection locks your money up.
T-Mobile & AY&T have better 401K’s
You would have been better off investing in Tesla.
Warren Buffet agrees.
Ya Verizon is a esop you understand that too right
another HR post........