Anyone out there RIF'd in November, but also happened to be retirement eligible? How was that handled?
16 replies (most recent on top)
Wow. Verizon (or someone) is working hard on the downvotes. Perhaps Dan has AI handling that.
The pension wasn't bad but the medical cost is extremely high. Hopefully you have a spouse that has better medical like I do.
@bv I was quoted $28k for retiree (non union) medical insurance. Are there better options other than going somewhere else? I landed a job with benefits now but not sure how long I want to work.
I was quoted $40k a year for retiree family health coverage. Insane.
@bs if you had 75 points (age plus years of service) as of 2007 you qualify for Retiree Medical benefits. Doubt there are many left that fit that category.
@ah if you take the lump sum you can collect unemployment. Not so if you choose an annuity pension. At least that was my experience in NJ.
30 years and my age made me "retirement" eligible. I had a pension for a very brief period that wasn't worth much money. You get no retiree benefits at Verizon. The 401k match and properly investing is your saving grace. Oh, and you get an insulting 25% of phone service. They quoted me $28,000 a year for insurance. 401K and RIF Payout are the only things you get.
What's with all the down votes on this post? It's a legit question for a management employee that has a significant amount of service. If it doesn't apply to you, scroll on.
@ah no
I would not expect too much from VZ retirement benefit. The health care even though it is an excellent coverage, the cost runs you between roughly 2000 - 5000 a month depending on being single, single+1 or family. There is phone/FIOS discount of 25% which you can pay less by switching to other carriers anyways.
Good info. If you take an early retirement due to being RIF’D does that prevent you from possibly getting unemployment ?
Truth! Shocking, but Verizon offers retirees practically nothing
@a1 Thx
@a2 Thx
If you were around long enough to have a pension (they were frozen in 2006), contact the benefit office for more information on how to initiate, whether you choose lump sum or annuity. Other than that, a 25% discount on cell is about the only perk. You do have access to the group health insurance, but the costs are off the wall. If you won't be 65 by the time your severance period is over, it's cheaper to go through the ACA.
@OP That would be me. But there aren't any benefits from a retirement perspective except 25% off your phone bill. Retirement medical insurance is astronomical - better off with medicare/medicare advantage if you are 65+