Just heard another rumor that there is an eisp coming soon and it is supposed to be a good one. They said verizon wants to get as many people off of the pension as possible...wanting them to take a lump sum, and that they then plan on selling off the pension plan to an outside company. Apparently it's too expensive to manage and they want to sell it off to save money.
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@2nve...Friday is 2 weeks....we'll see if your 3rd level is correct.
Eisp coming in September!!
no way craft is involved...we are forced every night and have not had a new hire in over 19 years... The youngest person in our local is 39 with 18 years service(craft). The average age is over 40 duh and the average service is around 24 years + right now. In my location we would lose over 60% of the craft if they offered anything.. the management has made it such a toxic environment that people are literally checking off days on the retirement counter. I wish we had new hires.. we are so understaffed while having surpluses...lol But hey we are profitable for Wall street and we own the fcc so there is that...
Hey 61bg...I'm going to start another thread on this topic just for you!! P.S. According to the union, they can't offer an eisp while they have summer temps working...not coming in July...more like October. Pffffttt....
LAST POST ON THIS TOPIC. It's not really a secret that one is coming, it's in the contract for the company to offer one a year. It's not a secret craft is not going to be included, sorry to the NJ tech who posted to the contrary. It's also not a secret it's happening sometime this month, july. If you're included you'll get it in the mail. If you're not, you wont. Let's move on now, I don't want or need to see any further posts on this subject. NEXT.
New hires don't get a pension, they get an "enhanced" 401k...so I can see the company offering an eisp to get people off of the pension....if they opt for the lump sum.
I heard that the CSSC was not going to be offered it since they just hired a bunch of new people.
Any word on when it is coming out? Off payroll date?
I heard the CSSC as well
It will be rmcc, rssc, etc. Areas not disclosed.
Outside craft will receive the offer in NJ....just not sure what areas.
Thanks 6kdt. Do you have any info on who is getting offer & where?
Also it is NOT for craft. That sector is too busy. It will be office personnel as the company automates and outsources, unfortunately.
Again no real specifics on it just wait for the mail. $10000 cash is all I was told so it didn't pay much for the incentive bonus, at least. And that's everything I or anyone else at my level knows right now.
Ok is this really happened or bs? Not fair to get people excited if it's crap. Company wide if true?
Only the management Pension was sold to Prudential.
How do you know?
EISP on the way this quarter....it's happening.
Truth be told the company wants to offer EISPs and the union tries their damndest to squash all offers. Less employees, less union dues to be funneled to worthless Democraps.
@3xet awesome!! You, sir are a marvelous bringer of good news, I just bought a new sportscareport and need the retirement money ASAP! That 10 year bonus will give me at least 11 years total!!!
Ok here is the word on the street...
The new deal will be...10, 10 and 10!
Our ship has finally come in!
With one blow they get rid of us all and bring in that new workforce of flying monkeys that Verizon has always dreamed of!
Or, if they are ready they can go with those Vz6 "Verizobots", the ones the go90 crew have been developing in the secret laboratory.
Either way Everybody Wins!
@3flj....same rumor going on for years??? There was an eisp last October...$2200 per year, $10,000 plus $40,000 bonus. There usually is some kind of eisp every year or so, just not available to all titles.
It's the same rumor that has been going on for years. I do not believe it. Especially for call center employees.
2yui just for call center employees? Or is craft involved in this offer? This is exciting!
probably not with the contractual requirements on calls handled in the core centers, unfortunately. unless there is some kind of provision that would allow for an exception if people left under an offer.
I doubt very much that the CSSC or the FSC will be offered any EISP.
What areas are being targeted? Anything for NY?
"...They have already sold the pension plan to Prudential a few years ago.."
You are 100% correct. They are doing the EISP in phases, to have less managed by Prudential.
The EISP WILL NOT be as stated in these posts below..not even close.. Take it or leave it.:
$2,200 per year, no limit, and a 10,000 bonus........NOT !
6 and 6 package plus $500 a month until you reach S.S age............NOT !
It pays to KNOW somebody (trustworthy) in HR/Finance/Payroll in Basking Ridge.
Targeted groups or company wide offer?
@2nve is correct, my supervisor confirmed it as well to our group today, and I work in a call center, not a garage.
not true.
OP this is no longer a rumour, it's FACT. My 2nd level confirmed EISP letters coming in next two weeks just before quitting time today. Don't know the details, but gut says don't expect a super EISP, just a regular one meanight probably no time added, just $2,200 per year, no limit, and a 10,000 bonus. Watch your mail, per my 2nd level's boss.
I do not believe that verizon will give their empolyees anything,only because they are in debt up too their necks and they might just go bankrupty just to screw their employees.All great empires must fall one day,and its verizon .sad but true
6 and 6 package plus $500 a month until you reach S.S age
Lump sum is the only way to go. Do you really want to let VZ have ANY control of your finances in the future?
6 and 6 plus $500 a month until you hit s.s age..then ill be out..eisp of extra 40k and ill stay and ride the wave
Verizon Communications injected $3.4 billion of borrowed funds into its pension plan during the first quarter to lessen the burden of high premium fees, said finance chief Matt Ellis, in an interview with CFO Journal.
“Premiums have gone up to the point where it makes more sense to borrow money” and fund the pension, said Mr. Ellis.
The contribution will lower the fees that Verizon will need to pay to the Pension Benefit Guaranty Corp., or PBGC, the nation’s pension insurer, he said.
Mr. Ellis declined to reveal how much Verizon saved by using the financing tactic.
Companies pay premiums to the PBGC, which insures their pension plans. The federal agency collects a fixed fee for each person enrolled in private-sector pensions and a separate fee, or variable premium, for each dollar the plans are in deficit.
Congress increased the variable rate premium to 3.0% last year, from 0.9% in 2012. A separate, fixed rate premium charged for each person enrolled in private-sector pensions rose to $64 from $35.
The increases almost quadrupled the average annual fees large companies paid to the PBGC between 2009 and 2016, according to a study by October Three Consulting LLC.
They have already sold the pension plan to predential a few years ago
That has been the ongoing rumor for the past decade.