Left VZ after 21 years, during last years 5K Fall VSP. Like many of you, I gave it my all. Slept with work phone by my side. Worked nights, weekends, relocated 3k miles for new job assignment. I thought Verizon was everything, I was irreplaceable and that customers who worked with me would raise a stink when I left. Here’s the skinny…VZ is a big ship. It sails on with our without any of us. If customer service suffers no one cares. As long as we equally su-k like T-MOBILE or ATT it doesn’t matter. My position wasn’t replaced, but others picked up the work and life went on. Three months latter I found a new job with less pay and benefits, but interesting work. If you’re headed out the door just know your lump sum severance benefits will be taxed and almost 40%. If you’re securing private insurance post benefits extension, know that costs can run upwards of $900 per month (private market) outside ACA and if you’re transitioning to Medicare know the severance will crush IRMA in 2028 causing Medicare costs to equal private open market premiums. Two months out leaving VZ su-ked. 14 months out super happy to be gone. 21 years of watching, or listening to self entitled middle managers, AD’s, Directors tell me the ways of the world, or tell me the sky’s blue while raining outside, or having them be dismissive of every suggestion because they know best, - yeah happy to be out. Verizon’s managerial bench is mostly comprised of 30 and 40 something managers who possess little more than the ability to execute an executive order without consideration for how the action impacts revenue or profitability. Most of these managers hold BA’s from marginal schools and advanced not because of what they accomplished or said, but due mainly by an innate ability to navigate the politics. If you’re one of the 13k being “decruited” the transition may prove uncomfortable, but the payoff will hopefully prove remarkable. Good luck.
6 replies (most recent on top)
Thank you. The only worry I have is the insurance cost. That was one good benefit to tolerate the VZ BS.
No company will ever be everything. I will never let a company take advantage of me. I learned that a long time ago from people who made that mistake.
Several years gone. Same process. Same experience and end result. Go ACA! Go early retirement if you can. Go somewhere else and have some fun - care less - AI is coming.
1) If you are Medicare eligible, you do not have to face IRMA. You can fill out an IRMA exception form and choose Employer Settlement Payment for Life Event. I know someone who did this successfully.
2) Severance is taxed like bonuses at 22% at the federal level, so you must have really high state taxes to pay 40%. Most people are taxed around 30% but get much of that back when they file for the year.
3) COBRA is expensive, ACA is expensive, VZ retiree health benefits are expensive (even with the subsidy if you qualify).
The good news is that if you've been with VZ for any significant amount of time, you get good severance with health benefits paid during that time. This will give you a decent cushion to launch your next career from. Best wishes!
@a1 His spouse likely asked him to.
@OP Did you use the Cobra extension insurance?