Thread regarding Verizon Communications Inc. layoffs

3xhg - Why are you telling people to wait until Oct 1st...???

Do you not pay attention, or read. The PBGC is updated monthly.... Verizon also updates the PBGC rate it uses (whatever was announced 2 months prior +20%) EVERY SINGLE MONTH... not quarterly or whatever it is that makes you think waiting to Oct 1st is required. The rate drop to 0.75 was announced yesterday on 6/19/19 for PBGC 7/1 plan retirements... Verizon will push that to 8/1 retirements, as they need time to process new the new rate. No one knows what it will be Oct 1st... it could be the .75, or even higher... No one will know what the Oct 1st rate will be until mid August. So STOP GUESSING!!! But we do know the rate will be 0.75% for Verizon employees who retire on 8/1. Remember you can be Off Payroll in June (or earlier) and still pick a 8/1 (or later) as an official retirement date for a lump sum disbursement. One has nothing to do with the other, provided you meet the rule of 75 and actually have a pension coming.

Also note that your Lump Sum will be at it's highest point (within each percentage rate category, no matter what it is) by the retiring on the 1st of the Month in which you turn "55". The mortality tables used will decrease it a small amount every month after you turn 55. (Just like it goes up a little each month as you approach 55) Food for thought...

PBGC rate of .75% means a bigger lump sum when you commence the pension for Oct. 1st...don't take the 1.25 Jan. rate....commence Oct. 1st and run $$$$$

The title of this post was addressed to VSPers? Why?

Does this mean the next VSP will be even larger? I hope they don't deplete all the EISP money on these VSPs!

@2zkk : the reason some people take the annuity is for a guaranteed check and may not have the know how to handle a lump some . Just so ya know

It's official.. PBGC rate is now 0.75%

June 19, 2019 > Immediate rate - 0.75% > PBGC - Plans that terminate in July 2019

"So what does that mean?" -- @ZBZqIdb-kau

@kau, Let me guess @kau, low level manager?

It looks like when the PBGC archive page is finally updated it's going to show the new rate is dropping to 0.75 effective 7/1. If nothing has changed, Verizon will move that out to 8/1. So for you guys planning to retire 7/1... watch the rate when it comes out and ask the retirement group to calc a Lump sum for both 7/1 and 8/1. Personally you may as well go for retiring 8/1 because that is the earliest you will get the money anyway. You can retire 7/1, but the date for all the paperwork to be signed for a "7/1 distribution", to the retirement account of your choice has already passed. So if the rate drops, pick 8/1 and collect an extra 4+ % in your lump sum. Do what you want, but it can't hurt to ask for calc using multiple retirement dates. then pick the best one.

If your planning on taking the monthly retirement payment for some reason... then none of this matters to you, as monthly payments are based on time/age/salary or pension band, and nothing else.

You guys do realize the the PBGC rate went down to 1% in April right?

It is updated every single month (VZ uses rate 2 months prior, to current month) so it's already going to be using 1% on July 1 unless they plan on screwing people by holding onto the 1.25% rate that hasn't been in effect since March. The June rate should be published in the next few days. Probably stay at 1%, but you never know, it might go to .75% in June and take effect Aug 1 for VZ.

FYI: the 10yr rate is already "Lower" than it was when the PBGC dropped to .75% during the fall of 2017. ( It dropped to .75 Sept 19th '17 and took affect for VZ retirees on Nov 1st '17.... note the 10yr was 2.30 & GATT was 2.80 then )

PBGC link = https://www.pbgc.gov/monthly-interest-rate-archive

Whats a supermarket? Even though it would improve my life immeasurably, I'll hunt and farm my own damn food. - @ZBZqIdb-1cxl

What's a doctor? I'll provide my own family with my own damn medical treatment. - @ZBZqIdb-1cxl

What's a car? I'll provide my own damn walking. - @ZBZqIdb-1cxl

What's a lawnmower...

What's a shovel, an axe...

It's sad you have to ask, and sad you can't spell damn.

With such ignorance on display, it's no wonder you're anti-pension when it comes to yourself.

Whats a pension? I saved my own dam money.

1gwj, hardly makes up for a frozen pension bud, or the decades more you paid for medical.

Who cares about PCP's whatever or October. I am retiring at the end of the month. My EISP funded VSP was the icing on the cake!

Whats a PBGC rate? Is that how you measure the crumbs coming out of the pension bucket? VSP is cash money y'all. CA$$$H MONEY!!

Lump sum pension pmt goes up about 4% for every .25% decrease in the rate. VZ guaranteed 1.25% rate until 7/1 but for those that can wait they will do better in October with the lower rate.

So what does that mean?