Thread regarding Verizon Communications Inc. layoffs

Spousal Consent Needed or Not needed Loan/Borrowing from Verizon Savings and Security Plan for New York and New England Associates

I appreciate you commenting... My wife works for Verizon local 2222.. I am not employed with Verizon is my signature needed to borrow against my wife currently on striking Verizon savings and security plan. ( This would be our first loan, currently balance $80,000

What is the rule on spousal consent when borrowing/loan from the Verizon Savings and Security Plan. a loan of $25,000... married 8 years

Is it required for the spouse to sign application, or submit a waiver, or nothing is needed from the spouse.

( from what I have read, spouse needs to sign something it has to notarized or witnessed by sponsor )

by Jackie Moon
| 1244 views | | 12 replies (last May 25, 2016) | Reply
Post ID: @OP+HzMyimo
Comment! It's anonymous!

12 replies (most recent on top)

There may be new laws in place, but I've not heard of the need for a sig in va. Better to use the cash while you can. Why we go back it'll be forced overtime for a long time and you can re pay.

by Another working guy
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Post ID: @roe+HzMyimo

Honest answer. I have taken 2 loans and 2 distributions in the past and never once was even asked for spousal consent.

by Anonymous
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Post ID: @hjm+HzMyimo

Thanks I posted this question spoke with the union, signature is needed, the only time not needed bonus and dividends planed distributions... IRS has 90% control over this, sponsor the remaining 10%....

by Jackie Moon
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Post ID: @vmg+HzMyimo

@zgi

I don't think his wife is worth that much on her own. She had to join a union to begin with.

by Anonymous
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Post ID: @ffo+HzMyimo

Dude, just pimp out your wife. Tax free money and you also wont have to mess with your account.

by Anonymous
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Post ID: @zgi+HzMyimo

"Typical union scumish ways."

It wasn't the unions who invented the 401(k) in order to strip the average Joe/Jane from his/hers pension...

"Trying to get a loan from the hand you just bit."

The OP has just bit their own hand?

"Oh yeah, then you'll take union path of not paying it back when that happens."

That sounds more like the corporate way... TBTF banks, Trump casinos...

by Anonymous
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Post ID: @mwm+HzMyimo

Typical union scumish ways.

Trying to get a loan from the hand you just bit. You better get that money now because it's almost guaranteed your wife ain't coming back.

Oh yeah, then you'll take union path of not paying it back when that happens.

by Anonymous
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Post ID: @qnf+HzMyimo

Don't be a bit-h ask her? She may pay me half for my services.

by A-ahat
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Post ID: @ghl+HzMyimo

Spousal consent is not needed. The only time spousal consent is needed is when you want to change your spouse as beneficiary. That is when you would have to get the document notarized.

by Anonymous
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Post ID: @jnm+HzMyimo

yes, it is needed. any time a 401k or a pension distribution, change, add or delete is performed, the spouse is required to sign. Except in the situation she he/she is deceased and an original (not a copy) of a death certificate is required.

by Anonymous
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Post ID: @kct+HzMyimo

I would call the union office..

by Anonymous
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Post ID: @cwj+HzMyimo

All BS aside, this sucks but glad it's an option for you. There is no spousal consent needed, her 401k, her liability.

Good luck..

by Anonymous
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Post ID: @eql+HzMyimo

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