Thread regarding Verizon Communications Inc. layoffs

the computer does not know what your supplemental benefit is 3 years out so it gives you zero for it that may be some of the reason for the drop

Verizon-CWA Pact Preserves Generous Lump Sum Pensions

http://www.bna.com/verizoncwa-pact-preserves-n57982073772/

oooops PBGC

5nea Yea.. I think you are right.. PGBC rate just dropped to .50 another historical low.. I can hear the mad dash out the door given the revelation the lump sums will drop from here on out after 30 years.

Why do you think the union asked you to vote on a contract without seeing it. There are many more surprises to come. Wall street read the contract. Stock going up.

Where there is still a disclaimer with regards to the strike, it is possible they've yet to update the calculations going forward to 2019.

Anti, good luck. Hopefully an offer comes out. I think there will be an exodus like we've never seen before.

jkv yes that is correct. If one does the estimate my pension button option it does that. I was doing the other option where you plug in numbers such as date or age of last day work and then commencement ( when one would begin to receive the benefit. Numbers I plugged in for end of work date or age after 55, 56, 57, etc and then keeping the commencement at say 62 dropped my lump sum on average of 20-25K per year.

skl.. The light bulb just went on.. Thank you for that explanation. I made an assumption where they will make a contribution every month for the next 3 years of this contact, It would build the lump sum grater should I choose that option. I will be 56.5 at the end of this contract. Where my lump is at 768K now and only to be 636K at the end of this contract, it's tempting to run now.

Anti, any particular reason the PBGC? The GATT is giving better payouts. You are entitled 6o the best one.

So all of you with 30 years "overwhelmingly" voted to ratify a contract that forces you out the door and shuts the door in the faces of future membership. Just like Verizon, our locals are run by a bunch of old and out of touch idiots. Then again, take a look at the Presidential candidates for 2017. The U.S. as a whole is getting dumber by the minute.

It shouldn't affect the numbers that much. The freeze, to my knowledge, only keeps the Feds current age expectancy. A couple years ago Verizon got nailed with a huge contribution because the Fed raised the age, if you remember everyone's lump sum went up about 60k. So the cap doesn't make the number come down. Fifty five has traditionally been they max of the lump sum, after that it decreases and that's the way the tables work, which has nothing to do with the company.

pze.. Yes thank you.. I think am following.. I didn't plan on leaving for another 3 years due having this contract and where the company agreed not to freeze monthly accruals? So.. where I am at 30 years now, another 3 years of accrual using 1% for the PBGC, I wouldn't expect it to drop as much as it did after age 56 when the contract is up if they are continuing to add. I mean it was around a 136K deficit and as I said, even adding 3 more years of accrual? I could see if I were well into my 60's due to what you are saying about the actuary tables but the precipitous drop beginning right after 55.. Seems odd.

And they can't force me because I'll be running out the door.......

When you retire, they are no longer contributing.

The lump is a cash payment of how much your pension is worth in cash calculated for inflation based on the IRS tables of how long you are expected to live. If you retire at 83 your lump sum will probably be around $30 no matter how many years you put in. Follow?

The numbers look odd to me if they are continuing to contribute. I would not think the drop off would be that precipitous ?

ojm, this will force many out the door.

ZWZ, YES....thank goodness for the 1% pension band a year. Awful!

Yea.. 53 here with 30. Damnn that s---s ass Is this part of the whole new agreement with the freezing of the actuary tables?

Bastards.. lol

http://www.yourmoneycenter.com/pensioni.html Gives you current rates, also your age and life expectency per IRS tables factor in. For me my lump sum starts to reverse at 55 yrs of age, I'll have 35 years.