From what I’ve read a new lump sum figure will be available on 10/15. How long will this figure be valid, till the end of the year or until the end of March 2020? Thanks for any info.
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Today is 15th but rate is still showing a .5 when doing lump sum calculation. I wonder if they're going to correct this or will people have to do it manually and just hope that the calculation is somewhat correct? Also does it matter if you're craft or management? I'm craft.
PBGC is alway on the 15th for the next month unless the 15th is on a weekend, then it will be released that Monday. Last month the 15th was on Sunday, so it was released on Monday the 16th. This month, rate will be announced tomorrow, 10/15, for Nov, but will impact Feb 1 commencement only, but you won't be able to see that on VZ Bens site until 11/1. The month listed for the PBGC impacts pension 3 months later. For example, here are the PBGC rates starting Jan 2019, but impacted pension starting in Apr 2019.
Jan=1.5 (VZ Apr)
Feb=1.25 (VZ May)
Mar=1.25 (VZ Jun)
Apr=1.25 (VZ Jul)
May=1.0 (VZ Aug)
Jun=1.0 (VZ Sep)
Jul=.75 (VZ Oct)
Aug=.5 (VZ Nov)
Sep=.5 (VZ Dec)
Oct=0.0 (VZ Jan 2020)
Nov=?? (VZ Feb 2020)
PBGC releases the new rate for the following month on or around the 15th of every month. (sometimes, like last month, the release date may be delayed) So on or around 10/15, PBGC will release "their" new rate for Nov... Verizon will take that rate, whatever it is, plus 20% and use it for it's Feb 1 Lump Sum Payments.. Then whatever they release on 11/15 will be for March 1, and then 12/15 for April 1. and on and on and on.... until no one left working for Verizon qualifies to get a "PBGC based" Lump Sum anymore.