Im 2 years away from the magic number 75=years of service + age min 50. Is it worth it to stay at VZ if you have a good opportunity offer with another company?
Will these benefits even be around in the future? Ill be 51 in two years theres no way i can stay here much longer. I heard the pension maxes out at 30 years service.
@OP Ok firstly the pension doesn’t max out at 30 years. Everyone is in a particular pension band assigned by job title and the contract area you are in. There’s a multiplying factor for each pension band to calculate the pension. To calculate someone that has 39 years and 3 months service it would be 39.25x the multiplying factor. Maybe you’re getting confused with a surplus ip offer where it’s a 30 year cap to calculate the 48 months of income protection payments?
Secondly with regard to the magic number of 75, that simply means if your net service and your age add up to 75 then you are “PENSION ELIGIBLE “ It doesn’t mean no penalty. To avoid a penalty you either have to have 30 or more years of service OR be 55 years of age.
Management used to get an even better retiree package than union… look at it now. Management gets squat and thus why union has no motivation to ever become managers. That alone decimated the culture at VZ. Meanwhile every CEO left with millions. Nothing will change.
Union retirees get a health benefit option usually at a much better rate then active employees. Each contract the company is trying to take it away or make them pay more. I doubt they will ever be able to take it away. It will eventually go away with new hires that no longer get that benefit. So if you can stick it out 2 years its a nice benefit to have.
The title tells me that you are asking about union benefits where rule of 75 still has a lot of meaning. Many of those benefits will be based on the negotiations for the contract renewal. IMHO it’s worth sticking around for 2 more if you are that close.
@OP I think you have answer already…bottomline, no one knows our future. It is upon you if you want to take the leap of faith.
Is it worth to stay…? Any company has its own pros and cons. The advantage going to a new comoany is new environment where you have the new opportunity to excel.
Will these benefits be even be around…? Who knows.
Beyond the 25% employee phone discount there are no additional benefits you received at “75” if you were to leave. The retiree insurance they offer is our insurance but not subsidized. I believe the quote I got from VZ was $28k a year for insurance. Unless you are union, your decades of service yields no retiree benefits. I was shocked. I’m sure this is different if you are an executive since they are special and need to be rewarded for their extraordinary vision and leadership. Awful.