Packages are being sent out next week per our VP. Eligible employees will receive them on Friday (pay day) , not Monday as rumored on this board. All Wireline Management employees with 20 or more years service will get a package. The offer will be 3 weeks pay for every year service you have. One year of free Cobra medical coverage is also included. If you are under age 55, but meet the rule of 75, there will be no percentage penalty taken off your pension (annuity or lump sum). Dates off payroll are 11/1, 1/1 or 6/30 your choice. Your decision to accept the offer will have a deadline for all 3 dates of 10/19.
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I know in NY people who were rif'd voluntarily or otherwise have collected unemployment. If there is a layoff, people will leave, I think the difference is that word, voluntary. Can't say that. You may also have to wait until your severance period ends to collect. This is in regards to a rif though. For a buyout, you cannot collect unemployment.
I know in NY people who were rif'd voluntarily or otherwise have collected unemployment. There is a layoff, people will leave, I think the difference is that word, voluntary. Can't say that. You may also have to wait until your severance period ends to collect.
Hi V9qNMoq-1kgt - you’re right that most people with 3 years in probably won’t accept the offer, unless they are so fed up and want to jump ship (eg millenials that are happy to find a job elsewhere.). The outcome the company wants is for those of us with the high salaries to go. There is no way on god’s green earth that everyone will get a minimum of 35 weeks. Three years in equals 9 weeks severance.
@V9qNMoq-1zwy and @V9qNMoq-1xzj, NJ case law strongly supports the position that we will not be entitled to unemployment benefits. While that amount could represent 6-8 weeks of normal comp, the offer (assuming you top out at 60 weeks) is too sweet to resist. Of course, if you’ve got vacation saved up, that also will be cashed out and included in your payment (unless of course the company decides not to so, which in that case means you just start using it all up pronto.)
@1xcd: As to your question of Unemployment compensation, you will probably get a variety of answers on here, so I can only tell you what I know. In Pa. there have been literally dozens of people I worked with that accepted offers and then filed for Unemployment. ALL of them got letters of determination form letters from the Pa. Unemployment board that said since the termination was voluntary that they CANNOT get Unemployment. I’ve seen the letters many, many times.
Yet, stories persist that some said that they did get Unemployment, but I have never seen any kind of proof of that.
I’ve also heard that some got Unemployment compensation, then later got legal letters saying they had to pay it back.
I do not know anyone personally that successfully got Unemployment compensation in Pa.
Your state may be different, so maybe you can ask your state’s Unemployment bureau.
Why would anyone accept it with like 3years it would be only 9 weeks pay is it anyone that accepts get at least the normal 35 weeks
Another question - if you take the package, will you be eligible for unemployment insurance? Verizon has always dreaded having to pay unemployment to former employees. I wonder whether one of the conditions to taking the package is that you must agree to it being classified as a retirement (which would then make you ineligible for UI.) While it’s not a deciding factor, UI is nothing to sneeze at - for higher salaried folks, they could get more than $17K in UI, which would certainly cover a good number of my mortgage payments.
I will also concur this thread to be true. When asked about it at a recent meeting, my 4th level wouldnt answer, instead just gave me a wink-wink so it is happening soon.
Excellent analysis @V9qNMoq-1btc, you’re right on the mark. Regarding who will be offered the package, my very very high level source says it will be offered to all employees who have been with the company for at least 3 years, which then explains the cap. Of course, the package will be most attractive to those who’ve been with the company longer. As someone who hit the rule of 75 several years ago and does not have a pension , I am curious as to whether I will be entitled to the meager retirement benefits I would otherwise get - family retiree phone plan (which the company has shamefully cut from a 50% down to 25% discount) and participation in the company medical plan, albeit at a hefty premium. Assuming I would be entitled to continue with the med plan, can someone refresh my memory as to making that election. I recall that a retiree had to decide promptly before retirement date as to whether they wanted to continue on the plan and pay the premiums or pay their own way via cobra and then find their own plan in the marketplace. If staying on the plan, the retiree had the option of suspending coverage if they chose to get coverage elsewhere but could also opt back in later (likely because they were unhappy with marketplace plan they chose.) If that option would still be offered to those rule of 75 folks taking the package, would they still be entitled to the company paid 1 year of Cobra and then be able to opt into the company plan? It’s an important question - if the answer is no, then I’d have to weigh which is more desirable: having a year of medical coverage without charge under Cobra vs paying nearly $10K for that year under the company plan. Guess I’ll have to see if a marketplace Cadillac plan has as good coverage as the company’s plan.
The 60 week cap does seem like an odd thing to include if the communication is going to be that only those over 20 years are eligible and its a 3 weeks per year offer. As, that would = 20*3 =60 weeks. Seems like if they were only going to give 60 weeks then why bother mentioning the 3 weeks at all in the coversation and just say it’s a 60 week offer, period.
To those who say there are cheaper ways without an offer, there may not be a much cheaper way to reduce salaries, get the lump sum liabilities off the pension books, reduce the future severance, and reduce the age descrimination law suits, than with a buyout like this. Rifs have to have a cross section of ages and there are team leadership motivations often to keep experinced managers in place so objectives still are met after the Rif. The buyout will force a top down reduction of the higher paid, higher pension liabilty, high law suit risk group. As a result, the buyout may have the better financial benefit to verizon.
Fake news. Company can get rid of folks for a lot less and just say you are gone...
ccm....unfortunately, you can't even trust that. Verizon did it I think back in 2007 or 2008 and AT&T just did it. Sue retirees to repay pension money that these corporations said the retiree was entitled to then turned around and said they gave them to much.
I think this is pipe dream. Based on the very salient questions being asked, I doubt VERY SERIOUSLY that the "leadership" of this company has thought through these questions. After all, they have ran this company into the ground without ever laying off the throttle. Trust only documents with your name and a dollar amount on it and believe what shows up in your bank account.
I have a list of questions, i doubt can be answered here, we really just have to wait and see the official document. But here are all my questions.
1- If you elect 6/30, can you defer the single payout til 2020 otherwise to get 60 weeks pay in the same year you worked 26 weeks is a tax disaster.
2- Is the funded VIP included in the 60-week equivalent salary as they do for the traditional 35 week package?
3- Do we get prorated VIP for Jan-Jun 2019 for the 6/30 option?
4- How many months can we hold off on taking the pension?
5- Will I earn vacation Jan-Jun 2019?
6-Will i be paid for my unused earned vacation?
7- Will my raise (ha-ha) in April 2019 be included in the 60-week equivalent or based on salary at time of package?
8- What happens to the tax reform share grant payouts 2019 & 2020?
Would you also know if 10/19 would be the date that they would use for all calculations or would that be your off the payroll date? In other words, if you choose to leave on 6/30 will the time between 10/19 & 6/30 count? if you have 30 years on 6/18 would your calculation be based on 30 (6/30) years or 29.4? (10/19)
Will you still accrue vacation in 2019 ? And will you get STI for 2019? I know these are details but I am Just curious
Does anyone here have any proof of this offer being a reality? Any real named sources?
It doesn't say 60 weeks pay anywhere. It doesn't say anything anywhere. You Managers are all dreamers and will work until you are RIF. No freebies in this company.
were does it say 60 weeks pay
I keep hearing Monday 9/17. This is the first I have heard of Friday.
I agree. 60 weeks pay is not enough to get most people to go. That would be a wasted offer and they want this to count.
So if there is a cap and the buy out is only for people with more than 20 years then everyone, if you have 35 years or if you have 20 years gets the same number of weeks (60). If they really want to target to get off the payroll the older people making the most money they wont cap it. I already heard from people who have more than 20 years said that they would stay put saying that 60 weeks is just a bit more than 1 year and they feel comfortable that they will be working here for much more than 1 more year at their high salary.
are we talking only managers or any management employee
I wasn't aware we had wireless employees with over 20 years I didn't even have a cell phone 20 years ago lol
Wireless here and we are hearing the same package for us as well. So all Management with 20+ years.
anything definitive on rule of 75?
Also heard being capped at 10k managers to accept package
ex-MCI also included per my boss. Really everyone in Management with over 20 years excluding Wireless.
OP here. That is 20,000 heads overall (management plus union) Union being offered a package also, but no details provided on that.
OP here. No caps mentioned and Cobra was 1 year, not 35 weeks. If medical was 35 weeks and severance was capped that would not be much better than a standard RIF and I doubt they would have many takers. Our VP said they are looking to drop 20,000 heads.
Did your vp share anything about a number of weeks cap, i.e.,, 3 weeks x years acpped at x number of total weeks?
Interesting.... we heard that since everything hasn't been nailed down yet the 3 dates are pushed out to 12/1, 2/1/19 and 6/30/19. I like the OP info better cause I want out by 11/1. Also heard 3 week per year is being capped at 20 yrs and medical is 35 weeks
Is there any offer out there for those under 20 years ?