Wednesday, September 11, 2013

BIG Lump Sum Pension Changes on the Horizon!

If your lump sum pension is valued using the Pension Protection Act (PPA) rate, we're concerned that big reductions are on the horizon for your lump sum pension amounts. Most lump sum pensions are valued using complex calculations that have an interest rate component, such as the PPA, GATT, or PBGC rates. In general, the lower these rates go, the higher the lump sum values that are produced. Likewise, the higher the rates go, the lower the lump sum values. The recent move in interest rates, as applied to these pension calculations, has been significant. Look at this chart of the PPA rate. Significantly, August and November are very important months for many companies' pension plans. We think it's very important that anyone with a lump sum who is considering retiring in the next few years, speak with us about the potential impact of interest rate moves on their lump sum values. We have over a decade of experience in helping retirees evaluate their retirement options and are standing by to help you make sense of these recent interest rate moves. Call Harris Financial Group today at (800) 281-3980 for a free consultation. We work with retirees from across the country, so please don't hesitate to call regardless of your location!

Thursday, May 16, 2013

First Time, Long Time

It's been awhile since we've reported news of a Verizon EISP Offer, but according to CWA 2201 and others, there is a surplus in the Mid-Atlantic, with an off-payroll date of June 30th. This is great news for anyone thinking about retiring, given that near record-low interest rates translate into near record-high lump sum pension amounts. Jamie Cox, Carl Beck and Steve Harrison are standing by and would love to help you evaluate your retirement options. We work with clients across Virginia, Maryland, Pennsylvania, Delaware and beyond. Call us today for a free consultation. (800) 281-3980. Offices in Richmond and Roanoke, and we will travel to whatever location in the Mid-Atlantic is convenient for you!

Friday, June 1, 2012

Big General Motors Pension News

GM pensions affected by this news...wonder if it will impact VZ/CWA negotiations...

Wednesday, May 30, 2012

New EISP Coming Out Soon

Per several of the local CWA websites, there is a new EISP package coming out with a July 14, 2012 off payroll date. Details on the numbers and job titles are still coming out, but we do know that this offer will allow participants to take advantage of the historically low GATT Rate, which should result in the highest lump sum pension amounts we've ever seen for many of you. Please call Harris Financial Group at 800-281-3980 if we can help you evaluate your retirement decisions.

Friday, June 25, 2010

Potomac Region Update

Posted On: Jun 25, 2010 (14:10:06)

Good Afternoon,
This is to update locals on the EISP/Surplus discussions.
The surplus and oversubscribed volunteers will be notified they are accepted or rejected and if accepted will also be advised of their date off the payroll by letters going out in the mail by Monday. The off payroll dates are July 4th and November 21st. Some locals have reported field management has started to verbally advise some members of their status. The company has not agreed to verbally communicate to all members.

Thursday, June 24, 2010

EISP/ARTICLE 35 POTOMAC REGION - UPDATE JUNE 23

The following is a brief update from the meeting today with Labor Relations regarding the EISP/Article 35.

There was an over subscription for the EISP offering in the surplus areas in the Potomac Region. However, the company did not reach the 12,000 minimum volunteers from the former Bell Atlantic footprint.

The decision as to whether a layoff will occur in Potomac has not been made. Should a layoff occur the off payroll date could be August 21, 2010 or it could be later. The company indicated today it will exercise its option under the Special Offer Agreement to have a second off payroll date in addition to the July 3rd date. The second date has yet to be determined.

The company also indicated it has not been determined as to whether all volunteers for the EISP will be accepted.

It is the company's intent to notify all accepted volunteers by Monday, June 28th. Discussions with the company will continue tomorrow. Source: http://www.cwa2222.org/index.cfm?zone=/unionactive/view_article.cfm&homeID=167413

VERIZON EISP/SURPLUS PA UPDATE - JUNE 23

VERIZON EISP/SURPLUS PA UPDATE - JUNE 23


The Union and the Company met today to discuss issues surrounding the applications for the enhanced EISP offer. Discussions centered around both the surplus and non-surplus groups. Below is a summary of what will be communicated to those applicants in both groups.

Surplus:

A letter will be sent to the applicants on Saturday 6-26-10 informing him/her as to whether they have been accepted for the offer. This letter will also inform the applicant of a release date of July 3, 2010 or another date in the future.

Non-Surplus

A letter will be sent to the applicant on Saturday 6-26-10 informing him/her that they will not be released on July 3, 2010 and that discussions with the union are ongoing. This does not mean that the applicant WILL or WILL NOT receive the offer, but that during the next 30 days the union and the company will meet to discuss issues within these non-surplus groups (per the Memorandum of Agreement signed April 21, 2010). Once these discussions have concluded information will be conveyed to the applicant as to whether or not they have been accepted for the offer and if they have been accepted a release date will be announced.

As these discussions continue the Union will update its members with information as it becomes available.

Friday, April 23, 2010

Please Call Us to Discuss the New Offer

The company appears ready to offer the biggest early retirement package ever. Please call Harris Financial Group at (800) 281-3980 to discuss your retirement questions.

Thursday, March 11, 2010

New Rates are Loaded in Benefits Center System -- PBGC Winning?

Let me start with our standard disclaimer that we are not affiliated with either Verizon or the Hewitt Benefits Center.

We have observed through some of the clients that we are working with that the new interest rates for the 2nd Quarter have been uploaded into the benefits center calculations. As we reported earlier on this site, the lump sum amounts have dropped.

It appears that the PBGC Rate is now producing the "winning" combination, at least for some of you. Unfortunately, the lump sum amounts are still lower than the prior quarter's amounts.

Please call Harris Financial Group at (800) 281-3980 to discuss your retirement and how these rates might affect you.

Wednesday, March 10, 2010

Package Rumors Heating Up

We expect that you will be hearing very soon about the latest package. We've heard a lot of the same rumors that you have, but nothing concrete yet. Please give us a call as soon as you receive a package so that we can evaluate your retirement options with you.

We would suggest that you visit some of the union websites, some of which contain information about a possible surplus, as well as the people who may be affected.

PLEASE REMEMBER that we are financial advisers who enjoy helping folks from the phone company with their retirement, and we think that's what we do best. We are NOT affiliated with either the union or Verizon.

Please call Harris Financial Group at (800) 281-3980.