If you're RIF'd on Thursday and are retirement eligible, do you still get retirement benefits?
9 replies (most recent on top)
This is NOT The Bell System retirement system. Those days ended 42 years ago.
Companies just can't afford to pay out all the lavish benefits to thousands of people sitting home no longer contributing to the company.
Unless you have a negotiated Executive compensation package you can forget it.
That's why you have to look out for your own retirement and plan ahead.
A friend of mine retired in his early 50's and ended up burning thru his savings and most of his 401k. He reached age 62 (not a moment to soon) and immediately started collecting Social Security just so he could maintain a roof over his head.
New cars, house in Florida, trips to the dentist, etc., forget about it (in his particular case)!
@aa I'm a VZW 'retiree', took the VSP in 2023, and the only benefit I have is FIOS TV and internet at the employee rate. For wireless I'm going with Visible which is on the VZW network. he base plan with unlimited 5G Nationwide but no ultra-wideband, don't need it, is $25/mo per line.
There is free vision care for life thru Davis vision insurance . And retirees can use employee discounts like car rentals , hotel stays, tickets , etc
Amen to the above posters. Verizon's retirement benefit is a joke. I got the same $36K quote for high deductible insurance. As a business rep, I write contracts every week that have much better pricing than our employee benefit plan will be with 25% off. I was hoping to be able to bridge the gap between early retirement and Medicare through Verizon, but no way.
Yes. You can get RIF'd and take retiree benefits, although they're pretty worthless if not pension-eligible from 30 years ago. The medical insurance is insane -- quoted me $36K. Who gets that other than Hans, which the company pays for? Absolutely not subsidized. Retirees subsidize the employee plan. The 25% wireless discount probably cost you more than T-Mo or Ma Bell.
@a3 good to know. thanks
You will get your retirement benefits but they really aren't worth much unless you have a pension. I left a few years ago and my medical through VZ would cost between 30k and 50k a year depending on the plan, and that's with what's supposed to be VZ covering 50% of the premium.
What retirement benefits?? Only thing still left that I'm aware of is the 25% "discount" for retirees.
@OP what retirement benefits…25% discount on overpriced plans? Very expensive medical insurance?