If you take the VSP does the payout hit this years or next years taxes?
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78 in the FAQ states that Jan 1 interest rates will be preserved for people with an off payroll date in 2019 for pension calcs
Addition to what I just wrote in the previous post on retirement lump sum.
In theory, you "might" be able to to call into VZ beni and pick a Jan 1st Retirement start date on Monday Dec 30th. But you would need to call in before the holidays, and get someone to work with directly, one who could watch for company notification. I only mention this if the Lump Sum tool ends up showing the PBGC rate going up between Jan vs Feb... In either case whether you have a Jan 1st or Feb 1st Retirement start date, you will not receive the Lump sum until March 1st, because it's going to be impossible to get all the paperwork done before the Jan 10th cut off date for a Feb 1st payout. (Remember the rates Verizon uses runs a few months behind the official PBGC release date... But if the official rate goes up this month in "Nov", it might take effect for VZ in Feb)
Based on personal experience... the Check for unused Vac pay arrived via direct deposit the Thursday following the "Off the Payroll Date". The severance payment arrived 2 weeks after that. A total of 3 weeks after the off-payroll date. So "if" they follow the same time schedule this time and off payroll is 12/28/19, your unused Vac pay should show up on 1/3/19 if direct deposited (later if mailed) and the Severance would likely show up on 1/17/19 if direct deposited (and again, later if mailed paper check).
Note that "NO 401k deductions" will be with-held from either one!!!
If your eligible for retirement, that is separate, and depends on when you file... and even though you will know in a few weeks when your off payroll date is... you still can NOT officially start the paperwork until AFTER you are officially off payroll. So if your looking to score your lump sum if you get one... you will have to start that process AFTER the company officially notifies the retirement group which takes about a week (treated as if VZ Benefits group is a completely different company) So if off payroll on 12/28/19 and you apply to retire... most likely you can pick a start date of Feb 1st , but you will not get the lump sum transferred to your account until March 1st... because in order to get the lump sum on Feb 1st the paperwork would have to be mailed out, completed and returned before Jan 10th... which based on the 12/28 off payroll date is pretty darn unlikely. I mention this for the guys thinking about taking lump sum and keeping an eye on the PBGC interest rates, since as rates go up the Lump goes down... and they are likely to go up soon. (I'm amazed it's still hanging out at 1.25% with all the Fed rate increases this year)
Hope that info helps some for those curious on what to expect after the off payroll date.
All info based on Standard Severance... not sure if doing so many this time will slow things down.
Payment by end of Jan. Probably 1/25.
Maybe you should take the package and learn to read.
Dec 28 exit is a Feb 1 payout. One would have to have all paperwork completed by Dec 10th for a Jan payout.....according to the VSP microlink .....
Read the Company provided materials online and check with HR for anything more than opinions here. No one should make a life changing decision based on an opinion board.
2019...sev pay out isn't until January.