Historic lows, retirement between now and Dec with 1/1/20 commencement will result in the highest pension ever. Since PBGC never reached 0% before, it may turn out to be the only time it hit, and your pension may never be that high again. Except for those who are below age 55, your pension could be higher as it grows up until 55. But if you are over age 55, this is it.
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It really does drive me crazy that the Union in N.J. said that they do not know what the offer coming out is .How is that possible if they do not know than they are clueless. By now they certainly should know the details !
Does anyone know if tenured call center employees will be offered severance or if any centers are closing?
They are currently remodeling my center and I have heard of rumors of this being done before closures. I also found the lease agreement online which indicates the building is for sale and Verizon has not renewed its lease.
The company has been telling us the changes are being made by them for us but in reality its being made by the owners of the building (not verizon) because the building is for sale.
Yes I am a management pension
I guess you are talking about mgmt pension. Associates are not as lucky to get the 0.0 pbgc rate with the eisp. I was told it goes by your last day worked for us. Good luck !
My last day was 6/28/19. I have not taken my lump sum pension yet. I lost $2000 per month since 6/28/19 because we saw the PBGC going down. Every.25 PBGC decrease, added about $23k in lump sum value. Now with the rate increasing for February 2020, I will request a January 1 pension commencement date so that I get .00. I will probably call HR late November to start the process. FYI. THE company pension estimator does not recognize a .00 PBGC Entry, use .001 which will get you close to January lump sum value. Good luck to all, I got 60 weeks pay, and the lump sum increased in value by over $100k since 6/28. PINCH ME I AM STUNNED.
Sorry, was speaking for management. When you retire, you dont have to take (commence) your pension immediately, can do any time. So if you retire today or dec 31, you can get the best pbgc rate for Jan 1. I'm not familiar with union benefits nor what impacts their pension, pbgc or gatt. I know management is pbgc, I left in June and will take pension for Jan 1.
I don't blame you ! Please someone explain . If we are off the payroll in Nov what rate would we get and the same for Dec. Thanks
Yes im confused too. I mean ill go to a financial advisor when its time. Just knowing that its coming and im ready to go with magic number...i was looking at leaving only if its an enhanced eisp but now thinking it could possibly be doable. Driving 2 hours each way to work and im so ready for that to end
Ok. So I asked benefits center pension group. They said the last day worked is for the Pbgc rate. Pension commencement date is for the Gatt rate. I don't want to disagree with whomever is explaining it but she said if your off payroll is in Nov or Dec you would get the Oct rate. You would not get the 0% pbgc rste in January. Very confused !
So hypothetically. If i got a package today and its off the payroll by November 30, can anyone tell me what rate it would fall under? Not sure what the 1/1/20 commencement means. Was told by union something coming this week and i know they usually give you 6 weeks till off payroll...i understand nothing set in stone. So many rumors.
The rate for Nov & Dec is .5. Jan 2020 commencement is 0. Whatever comes out today, probably .25, will be for Feb 1. The rate that comes out impacts VZ pension 3 months out. So the Oct rate of 0 is Jan, the rate for Nov will be Feb.
Got off with vz benifits, after 20 min ofcalculating, the 0.0 rate is NOT calculated for NY/NE yet and according to IRS interest rate website, per vZ benifits on phone call, that is listed as TBD.. the 0.0 was initialized on managers side and associates. Anyone looking for 0.0 rate in northeast is a wait and see for update as its TBD which means it may not apply or just not updated if doingby region, and also the possibility if its directed only for managers and associates . Was also told , and I have not checked, VZ benifits center at work should be able to input calculation using 0.0 instead of 0.01 they updated system. Also was told any adjustment for January should reflect between today and 10/20. Nov 1st should give details regardless.
Yes just went in and tried to get estimate and it's still saying.. 50 percent, then tried to change rate and it gave me same amount as 6 weeks ago. Am I doing something wrong or do I have to call for them to do it to get correct answers
I was under the assumption that starting today, 10/15, the pbgc rate used for the lump sum formula was going to be 0%, but it is still .5. Are we seeing the correct amount in our lump sum figures?
How do you know Novembers rate when it hasn't been posted?