What was your experience?
I fedexed my papers so they’d be received before the tenth only to be told to check back the end end of January.
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@ks for me it was a no Brainer. Either get $3k a month for life or take $995k and invest. As others said you can't leave a pension to heirs. You also can't really trust VZ.
@ks the biggest reason is estate planning. You cannot leave it to your heirs, outside of a spouse. Second there are no cola increases. Better to take the money and invest it yourself. Third, companies have been known to sell off their pensions to 3rd party insurers after which they may no longer be backed by the PBGC. YMMV. Talk to a financial planner for the best scenario for YOU.
@ks
how about getting in at the tail-end of pensions?
My monthly would be $18.62 so no reason not to roll it over when the time comes
I looked into my pension, which is not too large, but not bad. I talked to the people in benefits and the monthly payout option looks better over time to me. I could take the lump sum or get a monthly payout good for the rest of my life. Why wouldn’t anyone take the monthly payment over one lump sum?
The 10th of what, December? You can't initiate your pension until after you are off payroll (regardless of when you sent the paperwork in). So if you are off payroll on 12/19, as long as benefits has your paperwork by 1/10, you will receive your pension (whether lump or annuity) by 2/1. I rolled mine to an IRA and it was pretty seamless. Of course, I waited until the rates were favorable to get a higher amount. You do not have to take it as soon as you leave unless you are already 65. At the time I took mine the rate was 0%, so I made out pretty well.
Managers had pensions here. You newbie
They were taken away for new employees
I have a very small total pension and am rolling all of it to Fidelity IRA - they will walk you through it.
VZ benefits stuff does have to go through that office in Norfolk VA, not sure who runs it but they were also very good - they do everything by mail though for security reasons.
OP here. After more research this is correct. Set up an account in Principal.com late January. First check in February.
I have a small pension from PacTel Cellular days, pre Airtouch 1994. I will be executing it in March. We have to fax stuff? It looks like it was all online.
Former mgmnt here, I just sent paperwork in to pull my pension. I will roll it over and btw those us who have pensions, they are only insured for up to 100k. Also, some folks may have assoc and management pension.
@ab - Managers that were with Verizon post-2006 may have a pension benefit depending on their years of service before that change.
Verizon discontinued its traditional pension plan for management employees starting July 1, 2006. The company announced that it would no longer offer its defined-benefit plan to management, transitioning to a 401(k) plan instead.
Verizon makes a very healthy 6% yearly contribution to 401k accounts. Hopefully you've participated in that plan and have a good balance.
In my opinion the regular pension is preferable over a 401k, but times have changed for the American workers retirement funding.
Management doesn't have a pension to apply for