Verizon Communications Inc., Stamford, Conn., on Nov. 17 will unveil a $21 billion defined contribution plan, merging the 401(k) plans of Bell Atlantic Corp and GTE Corp. The two companies merged last year to form Verizon. Participants will be able to move money into the new plan Jan. 1.
Fidelity Investments will handle record keeping, communications and education for the new plan, which will have 21 options, said Ellen J. Roxby, director of investment operations, Verizon Investment Management Corp. The new options include a three-tiered strategy using investments from existing defined benefit money mangers.