Thread regarding Verizon Communications Inc. layoffs

you should be okay, it is Rule of 73 at VZ

*Also note the choice is either single, or 2+(family)
Just for just you and your spouse (2), is not an option... *

This is not true. There are 3 options for COBRA and 4 for Retiree medical.
And the subsidy amount is based on the cost of the Indemnity plan of 2007, not the plan you have/had. There is also a 15%/year cost cap if you have the Idemnity plan. There is no cap on increased costs of other plans.

Pension what little I have is not affected by when I leave ever since the freeze......

Your pension is affected by age as well. If you take a lump sum, after a certain age, you start losing money (as well as losing money with rising interest rates). If you are over 55, use the calculator with different commencement dates (same interest rate) and you can see the difference.

1. you do not accrue service after termination
2. you only need to meet the rule of 73 for the VSP to be retirement elig (read your
   FAQ) - and no, there is no negotiating
3. Medical subsidies only apply if you had a certain nbr of yos back in 2006 (I think)
   AND it was based on the cost of one of the idemnity plans AT THAT TIME - in other
   words it amounts to a couple hundred at best. You can get your eligibility and
   subsidy amount from netbenefits. Again, read the FAQ.
4. Vz retirement medical is VERY expensive. As an example, Anthem EPN for TWO
   people with a 50% subsidy is currently almost 2000/month. The dental has a
   lifetime max of something stupid, like 2000. Do a compare of the marketplace
   plans.

Bottom line, if you are banking on covering a family at close to the same level as an active employee, with retiree benefits, not even close. Don't take the VSP.

@oqu+1txiuTjc You do not have to retire the day you leave via VSP/RIF. But after you leave, you would only gain 1 point per year for age, as you are no longer employed to gain the point for service. If you only need one point, then all you need to do is wait until your next birthday.

What may be more important to you than collecting whatever lump sum you have coming (You certainly wouldn't want to take that now with interest rates this high), is whether you will turn 55 by the end of this year (12/31/24). As long as you are either already 55, or will turn 55 by the end of the year, the IRS will allow you FULL access to your Verizon 401k without a 10% penalty. It will show Code-2 on your year-end 1099R. (Early distribution with exceptions) This exception only applies if you LEAVE your 401k exactly where it is at Verizon until you turn 59 1/2. If you move it to another 401k, or into a IRA prior to 59.5 you will lose the Code-2 and it will become Code-1 on 1099 (Early, no exception, +10%)

The VZ Retiree health insurance is expensive. VZ is self insured & considers ALL retirees "high risk" regardless of age. If you happened to have at least 15yrs service in 2006 when everything was frozen, you will qualify for a 50% subsidy. HOWEVER... it is NOT 50% off the current price... you get 50% of whatever they are claiming the healthcare plan you choose cost in "2006"... which was probably less than 1/2 of what it is now. So you will likely net 20-25% off, not 50% off current prices. They laid that chestnut on me when I retired about 7 yrs ago. And if things are still the same, the ONLY way you can get the Anthem EPN is if you have it BEFORE you retire, and pay to continue it uninterrupted. Once you drop the EPN or if you don't sign up to continue it, you can't ever get it again. You can however sign up to get the 80/20 plan & a few other lesser plans any time you want (not just the fall), any time in the future.

Also note the choice is either single, or 2+(family)
Just for just you and your spouse (2), is not an option...
80/20 currently lists around $25k "with" the so called (2006) 50% subsidy... such as it is.

Good luck

First you need to find out if 73 or 75 applies to the VSP. Also the retirement health care is very expensive even with what they subsidize. Most people get a 50% subsidy if they are eligible. For a family of 4 that will run between $25K and $35K a year out of pocket depending on what plan you go with. Unfortunately there isn't much left to retiree benefits.

If you hit the rule of 75 you get subsidized benefits, wouldn't that automatically be cheaper than anything you could get on your own?

What retiree benefits? Very small wireless discount and ability to purchase Verizon retiree health insurance (very expensive!). Is there more than that?

and if I reach the rule of 75 I think I may get medical subsidies to help pay

I still have young kids so I need family medical benefits and they are expensive if you're not getting them through a large employer. I'm done working for a big company and most likely be working for myself. I need to be able to access medical benefits for my family. I was under the impression that buying my medical through VZ would be a lot cheaper than trying to get it on my own (and you can only do that if you retire from VZ) , maybe I am wrong.....

Forego the VSP because if you are INVOLUNTARILY terminated, it’s based on Rule of 73, not Rule of 75.

Read what is online. The VSP FAQ mentions again and again about rule of 73 if you volunteer. I don’t

Benefits, what benefits? I guess it varies since even though I’ll have 75 points when I go out with or without VSP my retirement amounts to a 3% discount on wireless (25% but my spouse could get 22%). Pension what little I have is not affected by when I leave ever since the freeze. Retirement medical costs a ton. I’m out of area for fios and home internet so maybe that would be something.

Thanks for answering

hmm, are you saying I still accrue YOS time after my roll off date? In other words lets say my date was 9/13/2024 and my retirement (age + YOS = 75) is August....can I apply for retirement after my payout?

60 weeks is more than a year. by the time you're "off" verizon, you'd have those points would you not?