The union and company could not come to an agreement. Both have walked away from table. Will try again in May of next year.
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Pension lump sum Wow so while this site is full of nothing the guy who posted the explaination of the lump sum and gatt rate is probably the best and most usefull explaination i have seen .He is right spot on basicly the guys who are saying they wanna go in next 1 year to 3 years might as well go now or your d-mb cause if you dont leave now in order to even start to brake even taking into account your salary your stuck for 5-8 years .This also goes for the guys who are claiming they need another 1-3 years to hit age 59 if you dont go now you are totally screwed .I dont even care if your forced to go work at home depot for 2 years its worth it in long run .Anyone who thinks their that that close to retire but they can wait out this down turn it all be okay in 2years is obviously unaware that its gonna be a really long drawn out thing .what is wrong with the people i work with Amazing greed will get you burned.I myself cannot go for 5-9 years cause im way too young and dont have years at all if i was even close to these guys age i would be longggg gonnnnne
Just heard that this website is worthless and posts are meaningless.
@ogd+1hgZFirk You understand how pension lump sums are calculated correct?
It has NOTHING to do with Verizon's wishes... it's all about the FED, and after a decade+ of running the printing presses + Zero rates, it's time to pay the piper. Each time the rates go UP, your pension Lump Sum is going to go DOWN... and "if" they have to ever take the Fed rate back above 4% to tame the runaway monster their printing "QE" has created, you'll see you lump drop by 1/3 to 1/2 within 12 months and there is not a thing the Union or Verizon can do about it.
The pensions are calculated using GATT & PBGC rates... the Gov changed the way they calc PBGC in 2021, (in theory to lengthen the time it takes FED rate changes to affect the new PBGC rate, to smooth out rate change shocks, similar to the way the GATT is done, which is what the union lumps have traditionally used (GATT+20) has remained unchanged. So, they will move up quickly as the Fed goes up and come down slowly (like gas prices). Bare in mind, those unrealistically high lump sums guys have been drooling over while the GATT was below 2% are likely gone forever. Remember if the FED takes rates back up where they were b4 the 2008 bust (likely) then the GATT will go there too. From 1990-2000 the "120% weighted averages" ranged between 8.6% & 6.0%; & from 2001 to 1010 the 120% weighted values were between 6% & 4.25%, & from 2011 to the end of 2019(pre-Rona) the 120% rates were between 4.29% & 2.83%.... Then covid 2020+ > the 120% rates were from a high of 2.81% down to a low of 2.09% . (The un-weighted GATT rate actually hit a low of 1.27% in April of 2020)
Verizon used the weighted average figures, so the effect of the fed increases will take longer to be felt, but none the less they WILL move up, and with it, Lump Sums will move DOWN... possibly way down. A lump sum calc with a weighted rate of 5-7% is not going to be anywhere close to the lump sum calc at a weighted rate of 2.25%
So if you are old enough to go, & planned to go soon anyway... don't wait around hoping the union can get you an extra $50-60k exit bonus... Because doing that knowing that Powell just said that they are going to take FED rates high enough to stop inflation (ie:ki-l economy) and that may cost you $300k+ or more in your lump sum. You have to decide if the if you actually think the union is going to get you anywhere close to what the Fed Rate hikes will cost you in Lump Sum balance. If you think they can, well then I got a bridge to sell you cheap & you also likely think the senile dude occupying 1600 PA Ave is doing a bang up job too.
On the other hand, if you are looking to retire and plan on taking the "MONTHLY" retirement check... then what the Fed does doesn't matter one bit to you. So in that case it might make sense to wait for the next exit bonus... just don't hold your breath waiting for a big bump.
The offer on the table from Verizon is 2 weeks per year severance for union employees at the end of the contract. Take it or leave it.
I am hoping there is a strike to just make it hard on Hans, who's never had to deal with anything like it. Expose him for the fraudster he is....
Telling you this if this union backs Sleepy Joe Biden I’m crossing the picket lines and done with CWA !!!
@ogd+1hgZFirk they probably will not let us work without a contract this time around. They have had remote customer service rep jobs in non union states that they've been hiring for since March. They're eating up our pensions, we're taking 1 hit as of July 1 and another hit as of September 1, therefore forcing senior employees to retire quickly, this is their underhanded way of getting out of offering us a package. Country is going into a recession, it just doesn't look good for a contract extension. The union gave out red shirts about 2 months ago, they know what's up, trust me, they know.
Confirmed. Oddly enough vaxx mandate is the sticking point, despite it's inefficacy, as well as the fact a major financial depression is coming. We aren't the same country in a year.
I hope there was a strike not a long one 4 to 6 weeks or so I could use the stupid overtime checks that I will get fulfilling in for you hot dog eaters on the outside
Does anybody know whats on the table..huh
Back to the office
Well fu-k it then..we keep working with no extension