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Article Excerpt
Byline: Jenna Gottlieb
STAMFORD, Conn. - Verizon Communications Inc. added private real estate and absolute-return investment options to its 401(k) plans for salaried employees, making the telecommunications company the first non-financial plan sponsor offering the alternatives to plan participants.
Verizon is in a league of its own, said Martha Spano, senior consultant for Watson Wyatt Worldwide, Washington. Defined benefit plans - which are considered more sophisticated with investments - only are "now starting to add private equity to their lineup; for most DC plans, it's a trend about 10 years off,'' she said.
Verizon Investment Management Co. added the strategies - plus a new emerging markets equity investment option - to the $9.5 billion business and management 401(k) plans in the first quarter. The emerging markets option is being unitized from the company's defined benefit plans, said Michael Riak, director of Verizon's savings plans.
"From the Verizon Investment Management side, we wanted to fill in...
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