Packages are being sent out next week per our VP. Eligible employees will receive them on Friday (pay day) , not Monday as rumored on this board. All Wireline Management employees with 20 or more years service will get a package. The offer will be 3 weeks pay for every year service you have. One year of free Cobra medical coverage is also included. If you are under age 55, but meet the rule of 75, there will be no percentage penalty taken off your pension (annuity or lump sum). Dates off payroll are 11/1, 1/1 or 6/30 your choice. Your decision to accept the offer will have a deadline for all 3 dates of 10/19.
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sorry @2Ogqp but you cannot change your mind. The deadline to rescind was clearly stated and as I recall, was sometime in mid November. Unfortunately, there is no going back now. You should be using this time to look for other opportunities.
I accepted the VSP in November 2018 I will be off payroll in March 2019. I February 2019, I asked to rescind my acceptance of the offer and I was told absolutely not. I have not signed any final papers yet and I am still working until 3/22. Does anyone have an idea if I can changed the acceptance of the offer?
@21wns perhaps the previous retiree may have been misleading in the concern for selling pensions to annuity insurance companies. Perhaps the bigger worry is retiring from Verizon with a pension annuity directly from Verizon only to have it transferred via a spin off. https://www.bizjournals.com/dallas/stories/2010/01/04/daily10.html
@21wns, I agree with most of what you say, and I hope and pray for nothing but the best for you in your retirement.
But, I don’t agree with your 3rd thought in the 1st paragraph regarding the sale of annuities to insurance companies. It’s an urban legend, an old wives tale, unless you live in the South.
You seem to be unaware of State Guaranty Associations. If an insurance company were to go under, putting its annuity obligations at risk, the other insurance companies in the state have, as required, amassed a pool of money because they are REQUIRED to chip in and bail out the failed company by covering its obligations in proportion to their own sales in that state.
www.immediateannuities.com/state-guaranty-associations/
I hope you did not err in your decision-making, nor retire at an inopportune time, due to your misunderstanding of the mechanisms of insurance company annuities.
After long and arduous consideration, thinking, calculating, and understanding of today's Verizon versus post Verizon 4/1 I reluctantly took the package. I did not think it was all that generous but there were many considerations:
1 - It is 60 weeks salary and benefits
2 - I am eligible for retiree medical at a partially subsidized rate (for as long as they continue to offer this)
3 - I will take the pension accrued (fNYNEX pension plan calculations) in the cash payout, as I am fearful of the sale of the annuity to an Insurance company circumventing PBGC. When you reach 55, the pension payout gets reduced for aging. The shorter the runway the less they provide to you. In addition, interest rates (the basis for calculation) are rising. Rising rate provide a smaller payout as you can generate the same income with a smaller put at a higher rate.
4 - The period of coverage will carry me to 65
So for me this worked out ok and I feel with the safety net I created in addition, will get me through and I will be ok, although I am not happy as this was not in my plan and I feel my future planning was usurped.
Verizon has been a good company to work for, remember the word work or job do not mean good times or parties. It has provided me a vehicle to care for my family and prepare for the future. This is even though the benefits have been reduced over time. I suspect this will be a continuing trend as like the rest of America, we the middle class, are being squeezed from every conceivable angle. I do not blame Verizon as a company that is only trying to maintain competitiveness and survive.
My best advice to those reading who did not, were not eligible or are young and new in the workforce:
1 - Start saving early and as much as you can, one day you will say where did the time go, I know I have.
2- Pay yourself first, Be sure at a minimum to contribute the maximum to at least achieve your companies 401K match.
3 - Make sure you have a good exposure to stocks, index and ETF funds are good vehicles for growth.
4 - Take some financial training, go to T Rowe Price, Schwab, Fidelity, Vanguard to name a few and read about investing and finance. The very future you protect may just be your own.
I am sure it helps the balance sheet to not have a debt owed as a future expenditure. Offering to clear the book with a cash offer makes sense as well. But the pension was Frozen years ago..
They will sell FiOS before that happens, don't hold your breath.
I think this supposed offer is fake news ha ha, so far there hasn’t been anyone other than clerks that have said they rec’d offer. Possibly sent out fake news to stimulate stock prices....and why haven’t craft techs been included in offer , if it is a real offer? That is where most of the costs are for the CO(company)....I and quite a few craft techs have been waiting for some time now for a offer so we can leave....Show me(and others) the money! (Offer) We will take it.
30K views, hahaha... OMG, Corporate PR people, what are you doing...
May you all know that Verizon doesn't and never did care. Bell Atlantic did more until the merger with GTE. 1ST levels should've stayed unionized.
Hilarious, 8rtf you basically made 8ong’s point with your comment.
You must be a director or above, that is the reason we are in this mess.
Aren't you the spoiled one. The company gives you a paycheck. They owe you nothing else but now they are offering substantially more and you act like you deserve something more. You people are the problem here.
While i am very happy for the potntial for 60 weeks, so that say someone mid carreer in there early 40s has a nice option to leave forma second carreer, it would have been nice if they threw a bone to those with 30 years or more who may be in there mid to late 50s or more for there loyal service. Maybe just an extra week per year after 20 years just to show some acknowledge of service. I know this is not the way the company leadership thinks. After the pension and even taking away anniversary lunches for milestones, our culture is sort of strikingly against gratitiude and reward for service and our corporate cultures lead the way on this. I guess this is just where we are, and VZ kind of made it clear many years ago that they really want no employee relationship or community other than what they can buy with today’s paycheck.
wow
Will Verizon pay you for your unused vacation time?
From one of the director calls…
· 3 weeks per year… 60 weeks cap
· Open window Oct1-Nov 10. Can revoke up till Nov 17
· Dates off payroll. 12/28, 3/22/19, 6/28/19.
· Company can deny individuals
· all US based employees
· 1 yr medical
· 100% STI 2018 and prorated 2019
· can not come back as a contractor or rehire - NEVER
· Email on 24th with details
From another of the director calls…
· 1+ years of service
· 3 weeks per year… 60 weeks cap
· Open window Oct1-Nov 10. Can revoke up till Nov 17
· Dates off payroll. 12/28, 3/22/19, 6/28/19.
· Company can deny individuals
· all US based employees
· 3 weeks med of every year service… not sure if cap
· 100% STI 2018 and prorated 2019
· can not come back as a contractor or rehire - NEVER
· Email on 24th with details
for real for real - . just got a call from dear friend who retired but his sister is well positioned in HR.. They have been listening,. it is coming and it is 3 weeks up to 20 years and 2 weeks for each year over 20. if you don't take it sectors will be moving the business to other states. announcements made with "in effect" date next year so no threat of legal action. take it or leave it..2 week severance then there will be waves of RIFs with 3o days. It goes to india. Enterprise to Xerox, wireless to Erickson....
Let's get this right Verizon management still has a pension as long as you're a director or above. Anything below director pensions are frozen and if you weren't vested you lost yours
How would they treat the STI award? Especially with different off payroll dates?
Everyone, I know this is a very nervous time, but please keep in mind, that THERE IS LIFE AFTER VERIZON! I was RIFed in May of 2018, but I was lucky enough to have my points/pension. I am still looking for work. It is a slow process for anyone 50+, but, it will happen. Believe it or not, there is a sense of absolute relief when you and this company part ways(however it happens). Keep your heads up, breath, and try and relax....
If no medical and only one year COBRA, they can keep it for 36 years worth of service. Lawsuits will fly as all other and buyouts RIFS included medical; if you were over 55. I'd rather have the medical than all the weeks of severance.
Only thing you have to do is make sure you can retire and not have to go back to work. I’ve got over 30 years but you never know if you’re ok because we live so much longer nowadays. I’m good because I’ve been working with an advisor and I’m waiting for the right package and I think this is it for me. Been great working with so many good people. Imma help y’all out. Call my guys at Morgan Stanley. 856-222-4505. George and Jason are smart and they tell you what you need to hear.
So if I have 19 years and meet the 75 rule can I still qualify?
Any requistions for management positions at manager level have been placed on hold by the company.
This isnt a rumor. This is a fact.
Anyone know if any offer will include IT management employees?
I'm hearing a lot about this buyout, but nothing factual from the company. Where did this information come from?
When I originally started hearing this, The rumor was that it was going to be 2 years severance, so for someone who is mid-late 50's with 35 years, 35 x 3 weeks = 105 weeks ( 52 x 2 =104) so maybe they will cap at 2 years severance? Let's hope...
60 weeks works for me, I was going to retire in February anyway
I totally get why it does not work for many
This poster claims no buyouts @Vc7csm1
What poster claims no buyouts
How many other companies will pay you a years salary to leave?
A poster claims no buyout: @Vc7csm1
60 weeks ... yawn!
3 Wks * Yrs = $$$$ Yes please.
@curiosity917 - severance is typically treated as earned income (post tax). You can only move it to a post tax retirement account. If the rumors are true then 1/1 is the best date to minimizes your tax bill (diverting earned income in 2019 by doing a corp2corp gig)
If eligible, I wonder if you owe yourself money in your 401K as a loan do they take that from the severance to satisfy that first out of the severance package? Additionally, do you have the ability to take that severance and put it into your 401K or open another retirement package with the majority of it, and start fresh at a new company? I would love to just have the package in my hands to have the ability to sit with a financial planner or lawyer to weigh the options. I have 30 years but only 48 years old, so I think I am still young enough to start over somewhere else, just don't know the repercussions of penalties....etc.
why not take it, you will never see this offer again, if you stay and get RIF'd you get 4 weeks pay when you leave.
I heard this morning that emails will be sent to those employees effected by this either this week or next.
Last three posts are right on point. Everyone's situation is different.
My opinion to some of the questions raised on this post; I have spoken to many people who have 30+ years in the company regarding the rumor of a buyout and for them there seems to be a simple consensus. If the offer is capped at 60 weeks it is just not that much more than 1 year's salary. They would rather take their chances they will be able to work more than 1 more year at their current jobs with the high salary. Also knowing that at their age it will take longer to find their next job AND the salary at that next job would not be as high as the current salary. To a person they feel that if the offer is 3 weeks per year with no cap it would make the numbers more likely that they would take the offer. The reason I think the company doesn't just continue to Rif people to reach their target is because they want to target the older workers (who typically make more salary and have more vacation benefits) and with a RIF if you make it too obvious you are targeting the older workers it is more likely the company would be sued. Also in this pro-American political atmosphere, wouldn't be surprised if there is resentment against a large company which just saved billions of dollars in the new tax breaks Rifing American employees who worked loyally for them for decades.