Says this document is for those being separated on or after September 1, 2016
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Did the "the rule of 74" change? I always thought it was 75.
"but excluding the transfer of a leasehold or a sublease of a leasehold undertaken in connection with the closing of a Verizon Wireless store"
Am I reading this right? They will exclude Verizon Wireless employees from severance if they work in a retail store that is turned into an indirect? Or the else is transferred to someone else? Maybe I am not understanding this language but that's what it seems like.
@3sge..........Thank You, some of us dont have access to e-web on PC
– with an entity that enters into a transaction with Verizon (for example, a purchase of stock or assets, a contribution to a joint venture; a spin-off, reorganization or similar transaction; or a contract to outsource a function previously performed in house, but excluding the transfer of a leasehold or a sublease of a leasehold undertaken in connection with the closing of a Verizon Wireless store);
Severance Payment for Certain Pilots
If you are classified as an airline pilot and you terminate employment from a participating company as the result of reaching the mandatory retirement age specified in the company’s personnel policies and procedures, then you will be considered to undergo a qualifying separation and will be eligible for a severance payment equal to 52 times your weekly compensation. This special rule applies only to separations due to mandatory retirement age. A pilot who undergoes any other qualifying separation will be eligible to receive only the regular service-based severance payment determined in accordance with the other rules described above, including the regular rules for the minimum and maximum severance payment.
Basic life insurance Company paid for the severance benefit period if retirement eligible, if not retirement eligible, then you can convert to an individual policy at termination as long as you pay the full cost of coverage Not company paid, but you can convert to an individual policy at termination as long as you pay the full cost of coverage
225 If you are or were a career band 5 employee and you breach the terms of your severance agreement that are identified as terms that can result in reduced severance benefits, your severance agreement will remain in effect but you will be entitled only to 10% of the severance pay and other severance benefits otherwise provided under the Plan, you will not be eligible for any other benefits under the Plan, and you must repay to the company any amount previously paid in excess of 10% of the severance payment and other severance benefits otherwise provided under the Plan. In all other cases, if you breach the terms of your severance agreement, you will be considered not to have signed the agreement, you will not be eligible for benefits under the Plan, and you must repay to the company any severance pay and other severance benefits previously paid.
plan. However, if you have medical or dental coverage under your spouse’s or domestic partner’s plan with another employer (or otherwise) at the time of your separation, and you lose coverage under that plan because you incur a “qualifying change in status” during your severance benefit period that would have allowed you to enroll in medical coverage under the Verizon medical plan while you were employed, you will be able to enroll in coverage under the Verizon plan for the remainder of your severance benefit period.
If you meet the Rule of 73 (or Rule of 74 for non-bargaining unit hourly employees) or Normal Retirement Age (age 65 with a minimum of 5 years of service), at a minimum, as of your severance date, you are eligible for the following retiree benefits:
• Medical and dental: You can enroll for coverage under the Verizon retiree medical and dental plans after your severance continuation coverage ends, provided you pay any applicable costs. See “Your Retiree Medical Coverage” and “Your Retiree Dental Coverage” SPDs for more information.
• Basic employee life insurance: Coverage under the Verizon retiree life insurance plan begins after your severance benefit period ends. You may also be able to convert any reduction in your coverage to an individual policy, but you must pay the full cost. See “Your Retiree Life Insurance Coverage” SPD for more information.
• Supplemental life insurance and dependent life insurance: If you participated in the supplemental life and dependent life coverages as an active employee, you may be eligible to participate in retiree coverage and pay the retiree cost. See “Your Retiree Life Insurance Coverage” SPD for more information.
Medical and dental: You and your eligible dependents are eligible to continue medical (including prescription drug and vision) and dental coverage through COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985). You will automatically be billed the full COBRA cost for coverage on a monthly basis. If you do not want this coverage, please contact the Verizon Benefits Center at 1-855-489-2367
Flexible Spending Accounts: If you are enrolled in either the Health Care Spending Account or the Dependent Day Care Spending Account before your severance date, your before-tax contributions to either or both the accounts end as of your severance date.
2gdr, declining relocation is listed as a voluntary termination (also reclassification and increase or reduction of hours imposed by verizon) and eligible for severance program benefits (2nd bullet under eligible separations page 4). But then it goes on to say such determinations aren't made by the plan or plan administrator but in the sole discretion of verizon, so der kompany appears to have the last word irrespective of what the severance doc says!
refusing relocation equals no payout per guide
@2flg, correct. I got hit in March, and as that one was gearing up, the rumor was that the package was going to be changed from 2 weeks per year to 1 week per year. Just curious what the changes are.
@2rnc , If you no longer have access are you no longer with the Verizon ?
"September is here, most of us know what that means..." - back in the MCI days, we called that the "Home for the Holidays" program.
Can anyone post what the updates are? Did the two weeks per year change to one week per year as rumored? Some of us who no longer have access to eweb are curious.
September is here, most of us know what that means...
Do anybody know if any early buyout is coming to the 5 Boros of New York cause there are a lot of guys waiting to get out .
In lieu of two weeks pay for every year of service (with a cap of 35 weeks), you will get two weeks of curry chicken (with a cap of 35 pounds).
Bon Voyage and Bon Appetite!
I read it - It says Lowell will give you a high five on your way out the door.
JfmcZbh-top exactly, not sure what they updated. But it is on the eweb, search "Severance"
OP doesn't post it because actual Verizon employees can look it up on the eweb. All the 4Chan trolls and third-world heathens who haunt this site in order to pretend they actually have jobs thus don't have any way to stir crap about employment practices that don't actually concern them.
Hey op how about posting it? or are you blowing smoke??
What was the update?