So many people are averse to reading.
Whenever I've been threatened with a layoff I literally comb thru the details of the severance package. Doing so can be the difference between putting money ($'s) in your pocket or letting Verizon keep it.
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in the last few layoffs it was taking about 4 weeks from your off payroll date
30-45 days after termination assuming you have signed by then
@OP Read your paper work or contact HR.