Laid off Nov 11th Indirect National Retail NORThEast AreA - Maine 20+ years - post regarding Verizon Communications Inc. layoffs

Laid off Nov 11th Indirect National Retail NORThEast AreA - Maine 20+ years

Hey all I was laid off in the Northeast on November 11th.

The reason for my official dismissal was for DisparAging a agent and using a agent’s dumPster without permission.

My actions were caused due the very policies that isolated us all. Along with a manager and Hr department that in my opinion could have handled my concerns with a agent possibly using Facial recognition software (The agent didn’t but my DM sure thought they did).

That being said due to the CARE act and quick actions on my part. I used part of the almost $600,000 I had amassed in company stock and was able to move over $100,000 penalty free. I suspect it may be due to why they waited till now on layoffs as that CARE act exemption ended 12/31/2020.

Anyway keep a eye out on your 401k, question why on certain off cycle paychecks why are deductions deferred and why is it always after dividends have been paid? (July 31, 2020)

Anyway sorry to hear of the layoffs I know here in Maine i suspected it was due to a non disclosure legislation that was being considered it has since died in the house with the new legislatures.

I am pursuing all legal recourse and of course I still have over 8500 shares of Verizon stock so I plan on voting accordingly.

Please understand the Verizon 401k plan with company stock have dividends that are payable penalty free every quarter and only count as regular income you just need to check a box.

If the LEAders at Verizon don’t mess up the dividends, personally I still am guaranteed $4800.00 roughly a quarter FoReveR

Also, watch out for employee RelatioNS out of Chicago too.

Finally not sure if anyone’s ever had a mid year review altered AFTEr a signature but it can be done per HR right KL.

Also if HR should say things to you don’t accept that they won’t be able to send what they are telling you IN WRItInG. GeT It In Writing.

I am now pretty much retired at age 52 with no debt to speak of so this has been a bittersweet time.

That being said I have all the free time once this pandemic ends I’m traveling.

AnyWay looking forward to in person shareholder meetings once those start up again as I have all the free time in the world to travel once restrictions are lifted.

Later

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So as far as Verizon”s 401 k plan goes for wireless folks about 4 years ago the plan became a ESOP

In a nutshell it gave wireless the ability to put money in Verizon stock.

Verizon s a Dividend Stock this means the stock price going up is NOt AlWAys a good Thing.

This is because of dividend yield and a lower price buys more shares like we had yesterday.

Once you have stock in your 40k as a option you have two options choose dividend reinvestment or dividend payment.

Dividend payment gives you cash quarterly and the amounts are published along with dates using a quick search for Verizon dividend payments.

You also get full voting rights as well as the abilty to have your 401k be dispersed entirely in company stock.

Finally learn how to move your fund’s PROperly. You can move all or a percentage of Manet to any fund you want. You can even move the entire amount to Verizon the day BEFORE the ANnounced EX dATe - by doing this you receive a dividend per share (currently around .63)

The dividend yield is key and sometimes stock going down is not a bad thing.

Finally please search (I use duck duck go). 401k float it’s a disturbing trend that has been increasing with lawsuits.

have(had) a concern especially if you look at off cycle checks and when 401k deductions posted. (July 30, 2020). The rules are complicated but a good fiduciary is supposed to deposit as soon as administratively possible.

Later.

I for one wish I understood my 401K better. Feel like posting more deets on how to check a box? Good luck and have fun.

Good luck.

Thread regarding Verizon Communications Inc. layoffs

Laid off Nov 11th Indirect National Retail NORThEast AreA - Maine 20+ years

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