Retire or wait for RIF ?

Questions and answers about medical benefits, severance pay outs. etc.

Retire or wait for RIF ?

Postby hadenuff on Tue Mar 13, 2018 11:06 am

Greetings, I have followed this board for many years but my first post. A little background first. Just turned 59 and will have my 30 years in August. I am f/GTE Customer Networks and now Verizon Business except we recently had a name change (again). Spent my first 10 years on the union side, and I am wondering if/how that is going to factor into my pension payout when I leave. But the majority of my career as management exempt I believe is the term so management but paid hourly. From my recent research it seems that if a person is RIF'ed they get a maximum of 32 weeks pay, are eligible for unemployment based on what state they reside and then some sort of health insurance for 1 year ? I was unclear about the insurance part. But then the insurance stops and you are responsible for yourself. Now if a person RETIRES you don't get the kiss of company cash but the benefits center said I would get 50 percent of whatever current health coverage I had at that time paid for life. After I hung up from them I started thinking..well what happens at 65 when a person goes in Medicare ? Do they pay 50 percent of all the supplemental's that go with Medicare ? Or does a person get Medicare and keep your old insurance as well ? Seems to me that to retire is a better option because of the high cost of health care. The last 3 rounds of layoffs were targeted at the oldest members of the crew, and rumor is there will be more blood soon. The outside plant locating jobs that 4 people of our crew are currently doing is going to contractors mid April. Thanks in advance for the advice to those who have gone before me and been there done that.
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Re: Retire or wait for RIF ?

Postby jer on Tue Mar 13, 2018 8:10 pm

Since you have enough years to retire and there is a possibility of a RIF, taking a RIF is the way to go. You get the payout, and also file for retirement to be effective after your payout (32/35weeks later). You would then go on the retirement insurance, but this would be dependent on the conditions of the RIF. It may be after the 35 weeks, 1 year, etc. If you retire, you get no payout and go immediately on retirement insurance. Medicare is another story, as you have 6 years and things are about to change. As it stands now, you can take standard Medicare and get a supplement if you wish or go with Verizon's Medicare Advantage- again, definitely subject to change as for you this is in the future. You state that you recently went thru a name change. The above should hold true as long as you are still Verizon. If you have changed to Frontier (or something else) ignore all of the above :D
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Re: Retire or wait for RIF ?

Postby hadenuff on Tue Mar 13, 2018 9:25 pm

Sorry, didn't mean to confuse things with the name change comment. We were called VSSI before which was Verizon Select Services, then we became Global Operations. Now we are WIRELINE Global operations apparently to distinguish us even though we are repeatedly told we are ALL one big company...uh huh. But I guess now I am confused. I assumed when a person left that was the date of RIF or retire. But what you say is I can leave ( with RIF) and then say "commence my retirement on x date in the future" ? Is this because the severence is based on x number of weeks pay so even though you are not working you have more or less been paid your salary for x number of weeks in the future ? And after those paid weeks so to speak, my retirement and retirement insurance begins at that point ?
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Re: Retire or wait for RIF ?

Postby jer on Wed Mar 14, 2018 7:30 pm

That is correct. If you are RIF'd and get 35 weeks pay, your retirement starts week 36 as long as you are eligible, in which case you would be. Insurance would also begin then as retiree insurance unless the RIF package specifies differently, i.e., they give you 1 year medical insurance. In that case your retiree insurance would begin after the 1 year period. You may still need to verify as I don't know if they changed any of the rules for 2018 but I don't believe they have.
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Re: Retire or wait for RIF ?

Postby rokitrik on Thu Mar 15, 2018 10:05 pm

Ok so my wife with 30 years service volunteered for a Management RIF in November 2017 with off the payroll date of Dec 29th. She received 35 weeks of severance pay and 35 weeks of paid medical insurance benefits. She filed for and retired on January 1st and is receiving her retirement pay. After week 35 she will have to pick up medical benefits as the company paid benefits will stop.
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Re: Retire or wait for RIF ?

Postby fisher1 on Mon Mar 19, 2018 12:33 pm

Wait. Wait. To get maximum Social Security,a person needs 35 Years of Work History .

Here's a link .....

https://www.thebalance.com/how-to-incre ... ts-2388932

Then, realize that every year you delay taking SS, your payout increases. The difference between a person with 30 years of income taking SS at Age 62 - and a person with 35 years of income taking SS at age 66 is astounding.

.
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