If I remember right the basic IPP was like $1100/yr, the enhanced IPP (EIPP) was $2200/yr +$10k, and the Special Enhanced IPP (EISP) was $2200/yr +$10k +$40k(which happened in 2016 here) ...of course different regions and titles could receive different packages I suppose...just curious what people were told and what regions they’re in....
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the last .5% drop increased mine about 10% so another .5% drop should do roughly the same
Be very cautious about using the benefits connection calculator if you manually enter the pbgc.
I put in .01 and got a 15,000 $ bump. A coworker in my office did the same and got a 150,000 $ bump. That's right, off by a factor of 10x. She and I are of similar age and years of service. So we shouldn't have received such different results
Bro, so much hate. reread my post. I said "Still a little young, and was planning on getting out before 8/23. Might have to reevaluate or keep a real close eye on things." And unfortunately not 8 digits, But well over 7 not even including the negotiated handout
If that is the case, then why not just take your "8 digit" pension and leave? Why the daily posts about EISP's?
Because your all broke thats why. Liars.
HOLY C-ap!!!! I just did the pension estimate on the VZ web. You need to put in 0.001%. It won't calculate 0.0%. Who needs the IPP/EIPP/EISP with that bump in the pension? Pretty close to a wash although an IPP/EIPP/EISP on top of the 0.0% PBGC would be huge even if it is a basic. Still a little young, and was planning on getting out before 8/23. Might have to reevaluate or keep a real close eye on things. Would hate for the rate to start creeping back up.
Okay. We get it, a life wasted working for the man. No amount of PCB's, lumps and sums, EISP's or ISP's or going to bring back all those wasted years.
119NUFcl-5fnj
Thank you it does help
Now I'll go see
Thanks again!
Happy retirement! I cant wait
5umx - The PBGC is one of the rates used to calc Lump Sums regardless or Age/YoS, along with GATT & 10yr T-bill. PBGC pretty much is always the winner if you qualify to use it. (VZ may have changed rules for PBGC calc at some point along the way for newer hires) Your Lump will be lower at 23yrs than someone with 30yrs regardless of the rate. However the lower the rate the higher "your" Lump will be for your qualifying years. Call NetBeni and ask them if you qualify for the PBGC rate... if yes plug the number into online VZ lump sum calculator. Note there are 2 versions of it... one self populates the rates and gives you a pretty accurate Lump Sum for the next 3 months. (It will use the current rates VZ thinks it will be using... likely 0.50% + 20% = "0.60%") There is also a "Retirement Estimate" calc where "you" pick the date you want to retire and then you can either hit "Calc" and it will spit out both Monthly Payments and Lump Sum Calc based on the "current rates". You need to input the month your want to retire (it's going to need to match the month VZ actually uses the 0% rate (likely Nov or Dec, maybe as late as Jan... ask Net Beni folks) Then go down to the spot on the form where it shows the PBGC rate and type in 0.00 and see what it spits back. Note it may not be built to except a "0" rate (likely has never happened before)... so if the calc comes back with the same number as the 3-month Calculator... try it again using a 0.1 or 0.05 or 0.01 rate and see if it will use that to produce a higher figure... noting it will be a little less accurate. Since the Calculator uses your real numbers, I can not test it, as I already retired and no longer have access to it... Even if I had access on the healthcare page, it would still likely spit out a big fat "$0" for me since I already got it a few years ago.
Hope that helps... (poss typo's , not proof reading it)
I only come to this site once in a while because I still have friends there, and I sometimes get curious if they are going to be able to get a package and bail too. (Hopefully)
119NUFcl-5jou
This to your response to post. I only have 23 years but I do have the magic number of 72. And over 65. I was wondering if your post would be the same for me. Yes I am taking the lump sum. Thanks
Well if what was just updated on the official PBGC rate page is not a typo... lump somes are going to take a drastic jump in a few months when VZ updates the rates they use (usually 2 months behind)
When I left the pbgc rate was .75 and my Lump Sum ended up 8.5% higher than it would have been if I had left a few months prior when the PBGC rate was 1.25% The rate the last few months was 0.50% which I thought was great... but the rate published today is 0.00% !!! That's right a big fat "0%" I can't even imagine the bump in a lump sum with a "0%" rate.... because when Verizon adds their 20% bump it's still going to be "0"!!!! Again if it's not a typo on someones part... I would leave (30+yrs) (if I still worked there) as soon as Verizon adopted the rate... whether they were offering a package or not... the boost in lump would more than make up for it. IF your looking for the monthly payout... it doesn't really matter to you... but for those looking to take a lump sum it is something to seriously consider.
September 26, 2019
Immediate rate - 0.00%*
PBGC - Plans that terminate in October 2019
They delayed releasing the number 10+days, so I doubt it's a typo.
https://www.pbgc.gov/monthly-interest-rate-archive
The lump sum is derived by considering current interest rates and expected longevity in order to provide a monthly income equivalent to the pension annuity.
Not the other way around.
Interest rates are low, so invested at those rates over time you would need a greater lump sum to equal what the monthly pension amounts to over the same period.
Lump sum goes up because rates are low, if the rates were high, the lump would be lower because “theoretically” you would equal the same $ S the pension over the life of the annuity.
It’s not a bonus, it’s designed to break even, they aren’t giving money away.
“Union Garage Boss”
As if that wasn’t clue enough a manager is writing that post, spelling “coming” wrong cinched it.
What the hell is a " union garage boss" you shill
3DWA
if contractually its 10+40 +2200 x years, that would mean some type of negotiation to be 10 plus 2200 only, which I haven't heard any as its still rumor until formal in writing. IF its 10 and 2200, means has to be negotiation of some sort going on, and I would assume some type of information would be out stating so by union reps, if in progress or just verbal. guess we will know in 3 weeks or so, or nothing.
My union garage boss said $500k plus special EIPP. Offers comming in the mail next week.
3idr: the pension band increase does benefit the lump-sum as well. it increases the monthly annuity which in turn gets converted into the lump-sum. the larger the annuity all else being equal, the larger the lump sum
Our Union in NJ told us the tech's will be getting the eisp, which is 10k and 2200 per year up to 30. We are not getting the special eisp. I have no idea why we would not get it ????
3dir: The pension band increase would only apply to the monthly payment choice, not the lump sum.
@3nik. Thank you for that info. One question, does the pension band increase help you even if you opt for the lump sum?
3NIK
THANK YOU
3cku: In the contract the Company can offer the special EISP (10K+$40K+$2200 per year of service capped at 40 years) once per year to each employee. The special EISP also includes a 1 year acceleration to the pension band increase.
ISP is for wireless employees. EISP is for wireless management.
IF a EISP is to come in 4thQ as many say, company can make just a formal statement to union, as contractually 1 is allowed per year if warranted to 2023. I'm not sure what that 1x a year offer is though, a ISP or EISP. Union does not need to be officially told anything if by contract other than they plan on a offer and when. Once the " when" is official, then union will release info that they will receive. I dont think the union would sabotage and try to create a diff offer...if it is the eisp, 10x40 by 2200 year you still wont have many leave with under 30, or even over..no time added under that eisp.its still rumors, even if talk is real, they can still pull it off table, when its official, it is real..till then, those looking to leave can hope. If anyone knows what's in contract as of ISP vs eisp etc allowed that 1x yr, please clarify ..tx
There is one coming...just no details about titles, locations or what kinda eisp it is. One thing does concern me, it is very odd that the union announced the eisp without first getting it in writing. Makes me think that maybe the company approached the union and are now making some sort of backroom deal with the union....maybe offering less money. The union doesn’t want any members to leave (loss of dues) so they may play ball with the company. It may backfire though as the company may not get the number of people off of the payroll as they wanted to. Hopefully my concern isn’t founded and the company will give a good offer to the associates like they did to management last November (VSP).
Is there a eisp coming or not ,what is the big secret VZ ,HAN,'s..just let every employee know it must be a game to all you v.p's huddled around HAN's oh let's keep every employee guessing, let them mull over it and the give them nothing..funny how corporations treat their workers...
Wouldn’t worry, no one knows yet, and if one thing we are used to, it’s unexpected change at the last possible second.
I’ve witnessed someone be told they had the offer and they were off the payroll in 30 days. An hour later, told that was a mistake, sorry. At the end of the day told it was on again.
Following morning told no again. And there he stayed for another year.
Here, believing anything until after it happens is a terrible mistake
What would basic be? Ipp or eisp nothing added? Not sure which is the 1x a year they can offer if wanted to.
I heard from my Business Agent, who happens to be the best one out there, he even told me this, so it’s true, we won’t be seeing a great package. With that said, IMO they will only be offering the basic as they will declare a surplus... Not many takers in this garage, at best 3-5 in a garage of 120... I was hoping for some time, maybe 5 years and get my 25 and go..
Eisp only for surplus positions ,that's what I'm hearing...
Wireless has EISP? Not to my knowledge
The EISP for wireless was announced today. Receive in thw mail by Friday. Off payroll by Oct 31st.
Fyi. 5g home will be in 30 cities by eoy - this wireline tech is taking courses so I can adapt to the new technology.
"The way I see it is that attitude reflects leadership."
Thank you Julius (Remember The Titans)
The way I see it is that attitude reflects leadership.
All of the good managers that actually knew how to do the job are gone! All we get now is paper pushers who have the “I’m entitled” attitude. The greeter at the local Walmart could do a better job as a manager in today’s verizon! Some of these people are being hired right off the street and after a year working here, they think they know more than someone who’s been here for over 30 years! Unbelievable!
There will be no offer, these rumors are just rumors. Work is backing up in garages, because they won't pay OT. They can't afford to lose people when they're already working with a skeleton crew. Maybe if their dream of 5g works, they'll want to get rid of us, but we will all be retired before they get that that kind of coverage. It's too bad really, this looks like the perfect time to go, with the favorable pension numbers.
34 year union member here, some of these guys are right . we do carry loads of dead weight, do nothing pos, same goes with mgmt...more pluses being in a union than not being in one.
You may have noticed that it is NOW a board involving all interested in leaving.
If that is uncomfortable for you, there are many other boards.
Go there instead.
The people I work with, who would be deemed lazy, still puts in 8 hours plus and gets jobs finished. Without unions everyone would make 10 bucks an hour, if that, wirless are just sales people scamming un- knowing buyers for commission and quota, most managers are 100k paper pushers repeating things from those above, all can be cut out. No stores, only high level managers, and union workers taking directions and do what is needed. Practically self managed now anyway, just have babysitters and people barking what was barked to them...the waste is stores, useless sales people who think they are gods gift to cell phones, selling old ladies blutooth earbuds they dont want or need. I've seen those inside come out and not like it, cant handle it, the hazards, storms, weather, forced ot.. cuts, bruises, breaks, and even death... but yeah...lazy.. too stupid to realize where everything the haters have came from. It's a layoff board, it's a vz board too...everyone is effected by all that happens. Get over it.
Also, to the strike worker, thank you, we spent 6 months fixing everything you guys touched, made money back x10 over
Not a handout...it was negotiated with the company. Actually, the company pushed for it to be in the contract. It benefits the company, the people retiring, and the workers not having to worry about a lay-off. If you can’t understand that and are still angry, maybe you should reevaluate the choices that you’ve made in life. I’ll never understand why someone would want to comment on a subject that doesn’t affect them....jealousy I guess?