You can (in theory) get another job with VZ once you take the package. If it is within the period covered by severance payments, you need to repay the "unused part", e.g. if you got 10 weeks of severance and returned after 8 weeks, you would need to repay the two weeks. If you rejoined after 12 weeks, nothing to repay.
Anonymous | Post ID: @MFM8aCo-nky
Is this true, even in theory? And do you know anyone who tried to come back?
I was laid off in 2015 and after 6 months was good to come back without paying back severance. I came back after 10 months and didn't have to pay anything back.
Whereas the PPD (rather than the SPD) gives an example after 10 weeks:
4.4 Adjustment of Severance Payment for Rehires
If an Employee who receives a Severance Payment is subsequently re-employed by a Verizon Company,
the Employee must repay the portion of the Severance Payment (after tax withholding) that exceeds the
amount that would have been paid to the Employee (after tax withholding) had such Severance Payment
(i) been paid ratably over a number of weeks equal to the total amount of such Severance Payment
divided by the Weekly Compensation used to determine such payment and (ii) been cancelled as of the
date of re-employment. By way of example, if a separated Employee receives a Severance Payment equal
to fifteen (15) times the Employee’s Weekly Compensation and is re-employed by a Verizon Company
ten (10) weeks after the Employee’s termination date, the Employee must repay an amount equal to five
(5) times such Weekly Compensation (as adjusted for tax withholding).
From the management plan description (might be different for others) they give the example of coming back after 30 weeks (so there may be a 6 month min, but not a year)
If you are rehired
If you are rehired by a Verizon company after you receive a severance payment and during your
severance benefit period (see above), you must repay a portion of your severance payment.
The amount you must repay is the amount in excess of what would have been paid to you, after
tax withholding, if the severance payment had been paid weekly and canceled as of your
reemployment date.
Example
Assume you receive a lump-sum severance payment equal to 35 times your weekly compensation
and you are rehired 30 weeks after your severance date. You must repay five times your weekly
compensation (35 weeks of payment – 30 weeks before rehire), adjusted for tax withholding.
If you are rehired, you do not need to repay your prorated short-term incentive award, if you
received one.
If you take a severance package, it is one year to reapply and get rehired back. You would be looking at job postings externally, and would go through all the training again, like a new hire.
6 months, but why would you want to?
Severance package states that you can't reapply for 1Year.
I think this is false, you can't come back for six months.