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.

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.

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.

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.

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.

GATT Averages 4.619% for February

By our estimation, the 2nd Quarter GATT Rate should be either 4.61% or 4.62% based on February's average. The official benefits center figure should be updated by the middle of this month. If you would like us to help you evaluate your retirement numbers, please call Harris Financial Group at (800) 281-3980.

GATT Tracking at 4.62% So Far This Month...

...with a few more trading days left in February. Nothing has changed regarding our projection that 2nd Quarter lump sums will be lower than 1st Quarter lump sums. We'll have to wait until the end of the month to get a better idea. If you would like to speak with us about your retirement, please call Harris Financial at (800) 281-3980.

GATT at 4.75% Today

It's now obvious that the GATT Rate is going to be substantially higher for the 2nd Quarter 2010. We still have a few more weeks to go until we know how much higher it will be, but it is starting to look like the PBGC calculations will produce the highest lump sum amounts. As we posted on Tuesday, the PBGC Rate has also gone up. If you have questions about how your lump sum might project in the 2nd Quarter of this year, please call Harris Financial Group at (800) 281-3980.

We're sure you are hearing lots of rumors in the mid-Atlantic about enhanced ISP offers, but so far we have not received any official confirmation. Please remember, we are in no way affiliated with Verizon, but we are happy to discuss your retirement with you if you have any questions.

Please call Harris Financial Group at (800) 281-3980. We would respectfully ask that other financial advisers refrain from calling us for information, as we would prefer to focus on helping our own clients and prospective clients.

PBGC Also Rises...

...and this is bad news. The PBGC Rate has gone from 2.50% to 2.75% this month. Between this increase in the PBGC Rate and what appears to be a pretty healthy increase in the GATT Rate, it looks very much like lump sum amounts for the 2nd Quarter of 2010 will be lower. How much lower remains to be seen, but if you have questions about your own retirement, please call Harris Financial Group at (800) 281-3980.

GATT Rate Rises Again

The GATT is now hovering around 4.68% today. This is a pretty big one-day move, and it's going in the wrong direction as far as your lump sum pensions are concerned! We'll continue to watch the GATT Rate and provide updates on the PBGC rate as soon as it is available.

GATT Rate Still Pretty High

Nothing good to report on the GATT Rate yet this month. It is looking more and more like the next quarter's GATT will NOT help lump sum amounts. We'll know in about a week what the PBGC rate looks like, and it may be that the PBGC will be the winning rate for the next quarter.

If you are a current employee of the phone company, please call Harris Financial Group to discuss your retirement, (800) 281-3980.

Thursday's GATT Watch

After closing at 4.63% yesterday, the GATT Rate is close to 4.55% today. Although this is an improvement, it's still a lot higher than we'd like it to be for purposes of calculating your lump sums. We'll continue to keep an eye on the rates throughout the next few weeks...

February is Here!

We're watching the GATT Rate closely again, as the all-important month of February is here for VZ associates. The February GATT Rate will be used in calculations for April-May-June 2010, and so far, we're off to a bad start with yesterday's GATT at 4.57%. So far, the first day represents a big jump from the previous quarter's rate of 4.31%, but remember, it's the monthly average that we're interested in. We'll need to watch the PBGC Rate as well, as it could provide the higher lump sum.

Please continue to monitor our website, and if you are a retiree in need of assistance, please feel free to call Harris Financial Group at (800) 281-3980.