This is how I read it. Depending on your group's workload, the people with the most seniority will be let go first. That means some let go Dec, some March etc. Not sure what the big to do is about on this board. They want high payroll people off the books ASAP as long as the group doesn't impact VZ and customers financially.
10 replies (most recent on top)
www.immediateannuities.com/state-guaranty-associations
@1muf, if your annuity is with an insurance company, it’s your states SGA that takes action to keep you getting your money.
@1qaf You do have protection from the PBGC.
lht, not necessarily, they can sell the pension annuities off like they have done in the past and be done with that too. when they do that, you don’t have any of the protections that come with a pension. It’s basically an insurance policy.
Verizon only gets rid of the pension liabilty if the employee takes a " lump sum," if the employee chooses the annuity............... the liabilty is still there for Verizon
It depends on the group. Some may not be doing extended release dates so you get accepted for Dec or denied. Very rare exception for other cases
From what I understand being accepted and your release date are two separate items.
They said that being accepted will be prioritized based on years of service but your release date is a separate item. When your release date is won't necessarily depend on your seniority date. Thus you may have someone with 30 years staying to a later date than someone with 10 years in the same group. This is at least how I understand it.
I believe that their intention is not necessarily to get the "higher paid" employees off the books but to get the ones with a pension off the books and for the most part, that would be the higher paid employees. I think they will let as many people go as possible, but not as many as I think. I do find it annoying though that they keep referring to letting the most tenured employees go first as if they are giving you preference. They will do this because it would help them meet their goal of getting rid of the pension obligation to those people, and getting rid of the higher paid people with the most vacation time.
They want people with a pension off the books. They pay some sort of tax now on the pension assets. When those with a pension leave the books, the companies contribution is much less. My replacement has already been hired, while it’s never official until it is, I’m on cruise control for the 20+ days.
I agree with you... I just hope for right. I hope they didn’t just offer it to everyone to get only 20 and 30 year employees off the books and they had every intention to deny everyone under those year of service.
My direct reports are Union and the company does that to them every year. In October my associates were offered a vsp and My office has 150 associates. The company didnt tell us how many could go. 36 actually put in for it and only 14 got it. My fear is the company will do the same to us.