They did this in 2003. 15 years later they do it again. All they are doing is cutting higher salary employees replace them with lower cost employees. Then they will later rinse repeat in 15 yrs... Circuit City did something like that and look how it worked out for them. It may have worked 15 yrs ago but competition is greater and their competition is not just wireless companies so Vz will fall soon and glad I won't be around to pick up the pieces....good luck to anyone dumb enough to stay on the Titanic(Vz) with Hans theiving a--.
11 replies (most recent on top)
If, at age 55, aging any further, or spending more years, here is financially detrimental to the tune of tens of thousands of dollars, why is @spj hoping for a “3 and 3 or something”? Maybe he’s 52?
"I thought mortality rates reflected living longer, or at least staying the same, rather than life expectancy decreasing."
While not yet reflected in the tables, for the last two years, US life expectancy has decreased, See, e.g. http://fortune.com/2018/02/09/us-life-expectancy-dropped-again/
The slightly more conservative 2018 mortality tables, based on data from the Society of Actuaries, were estimated to cause funding liabilities to rise as much as 5%.
The 2019 tables reflect an additional year of mortality improvement in the SOA tables, but coupled with the SOA's less optimistic mortality improvement scale (MP-2017), produce slightly shorter life expectancies, which in turn should produce slightly lower liabilities and lump-sum valuations.
I saw higher amounts as little as three months ago.
As to what the last poster said, longevity outlooks are more dire this year than they were in 2017?
I thought mortality rates reflected living longer, or at least staying the same, rather than life expectancy decreasing.
@1fre they should have shown lower amounts beginning with calcs in January. The IRS updated the mortality tables used for the calcs. Go google IRS mortality tables to check it out. If you still have questions, the benefits office can tell you exactly what goes into the calc.
@1ukf, my numbers, according to the site 6 months ago, were getting better and better through ages 55, 56, 57, 58, 59 & 60 (that’s as far into the future as I looked. Over that 55 - 60 span, it went up $50k.
But, now, the very same site shows the opposite projection on the same individual, at the same ages, with the same NCSD.
What’s behind the discrepancy?
@1kzo it has nothing to do with your service and everything to do with your age. After age 55, the actuary tables are not in your favor for longevity and the pension goes down every year beyond that.
@spj, I am unsure whether a 3&3, or a 6&6, helps all individuals.
Six months ago, I went on the site in which you can enter future retirement dates and plugged in a bunch of scenarios. I am 53 with 26 years. The amounts got steadily higher, with one particular year having a great jump in payout, until I hit 30 years. After 30, the gains were negligible, but still trending upwards.
Last week I did the same thing but, now, my payout amounts are instead on a downward trajectory, making leaving at 55 with 27 or 28 years the peak, and declining thereafter. I do not understand why this has changed in such a manner. Even considering the GATT, how could the trajectory get worse with less than 30, especially when earlier outlooks viewed a mere 6 months ago showed a climb?
So, in my case adding years and age to my service would negatively impact me, so far as I can see.
Am I misunderstanding this or am I missing something.
Do you just not accept the 3&3 or 6&6, retiring without it, if its impact is negative?
BTW, some of the younger guys at my garage never see a diminishment prior to hitting 30 years, and their using the same site that I am on, so I suspect it’s not the GATT. Also, on, let’s say, a Tuesday in 2020, I’ll get a certain amount if I leave. I plug in the numbers were I to wait one more day, and it’s up $1200. The day after, down by $1600. What’s with the up and down projection day to day? Anyone know? (These aren’t the exact actual dollar figures day to day, as I don’t currently gave access to the site, but you get the gist of what I’m saying I hope). Thanks for any clarification anyone might offer.
Yes , it is a big circle . In with the new and out with the old . Hopefully for craft there will be a 3 and 3 or something and more people will get the opportunity to take some more money from VZ and get out .
@fub What is a "antifa"?
Happy to go to infosys and be a free agent. I can finally treat Verizon as simply a client now and not with the utter urgency I felt before