tag:blogger.com,1999:blog-47317210266589336002024-03-13T16:52:17.813-04:00Retirement Rumors and Interest Rate UpdatesHarris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comBlogger82125tag:blogger.com,1999:blog-4731721026658933600.post-80092420812428372922013-09-11T14:35:00.002-04:002013-09-11T14:36:33.830-04:00BIG 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 <a href="http://www.pensionsoft.com/references_ppa_segment_2013.html">this chart</a> 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!
Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-4029968062519886902013-05-16T15:39:00.001-04:002013-05-16T15:39:29.405-04:00First Time, Long TimeIt's been awhile since we've reported news of a Verizon EISP Offer, but <a href="http://www.cwa2201.org/Docs/EISP/EISP%20June%2030%202013.pdf">according to CWA 2201</a> 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!Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-64025010208337770272012-06-01T13:23:00.001-04:002013-06-18T10:41:17.419-04:00Big General Motors Pension NewsGM pensions affected by <a href="http://finance.yahoo.com/news/gm-announces-u-salaried-pension-170000670.html">this news</a>...wonder if it will impact VZ/CWA negotiations...Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-69586908238564371412012-05-30T09:01:00.000-04:002012-05-30T09:01:05.533-04:00New EISP Coming Out SoonPer 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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-82792658000764396132010-06-25T14:46:00.000-04:002010-06-25T14:47:10.604-04:00Potomac Region UpdatePosted On: Jun 25, 2010 (14:10:06) <br /><br />Good Afternoon,<br />This is to update locals on the EISP/Surplus discussions.<br />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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-4114693034319136842010-06-24T09:35:00.002-04:002013-06-18T10:37:23.085-04:00EISP/ARTICLE 35 POTOMAC REGION - UPDATE JUNE 23The following is a brief update from the meeting today with Labor Relations regarding the EISP/Article 35.<br /><br />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.<br /><br />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.<br /><br />The company also indicated it has not been determined as to whether all volunteers for the EISP will be accepted.<br /><br />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
Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-24240353985092021572010-06-24T09:34:00.003-04:002010-06-24T09:34:53.380-04:00VERIZON EISP/SURPLUS PA UPDATE - JUNE 23VERIZON EISP/SURPLUS PA UPDATE - JUNE 23<br /><br /><br />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.<br /><br />Surplus:<br /><br />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.<br /><br />Non-Surplus<br /><br />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.<br /><br />As these discussions continue the Union will update its members with information as it becomes available.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-17700058216036999802010-04-23T09:25:00.003-04:002010-04-23T09:26:25.369-04:00Please Call Us to Discuss the New OfferThe 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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-89989139117966490982010-03-11T18:10:00.002-05:002010-03-11T18:14:26.255-05:00New 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.<br /><br />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.<br /><br />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.<br /><br />Please call Harris Financial Group at (800) 281-3980 to discuss your retirement and how these rates might affect you.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-24139782804919511362010-03-10T10:53:00.002-05:002010-03-10T10:58:39.917-05:00Package Rumors Heating UpWe 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.<br /><br />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.<br /><br />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.<br /><br />Please call Harris Financial Group at (800) 281-3980.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-17373252544054180412010-03-01T15:24:00.002-05:002010-03-01T15:25:42.122-05:00GATT Averages 4.619% for FebruaryBy our estimation, the 2nd Quarter GATT Rate should be either <span style="font-weight:bold;">4.61% or 4.62%</span> 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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-63134087055767834662010-02-23T09:59:00.001-05:002010-02-23T10:00:43.970-05:00GATT 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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-40836045158852155422010-02-18T15:25:00.003-05:002010-02-18T15:32:42.260-05:00GATT at 4.75% TodayIt'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.<br /><br />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. <br /><br />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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-6149049696296301832010-02-16T11:17:00.003-05:002010-02-16T11:19:07.488-05:00PBGC 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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-1570856154523814012010-02-11T15:23:00.003-05:002010-02-11T15:26:30.102-05:00GATT Rate Rises AgainThe 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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-21356548355769149552010-02-09T13:12:00.002-05:002010-02-09T13:15:05.041-05:00GATT Rate Still Pretty HighNothing 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.<br /><br />If you are a current employee of the phone company, please call Harris Financial Group to discuss your retirement, (800) 281-3980.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-7966749375517413772010-02-04T14:59:00.002-05:002010-02-04T15:00:48.658-05:00Thursday's GATT WatchAfter 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...Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-3874382377632004892010-02-02T11:42:00.003-05:002010-02-02T11:55:46.655-05:00February 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. <br /><br />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.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-23066843348293639962009-12-15T15:28:00.002-05:002009-12-15T15:31:21.200-05:00GATT Rate is in the System!!Please note that we have no affiliation with Verizon or the Verizon Benefits Center (Hewitt).<br /><br />With the above disclaimer out of the way, we are happy to report that the new GATT Rate for the 1st Quarter of 2010 has been updated at the benefits center. The "official" rate appears to be <span style="font-weight:bold;">4.31%</span>, which is very good news.<br /><br />If you need our assistance with your retirement, please call Harris Financial Group at (800) 281-3980. We provide a wide variety of financial services and we know your retirement plan!Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-71704370744440298782009-11-30T14:55:00.005-05:002009-12-15T15:28:14.976-05:00November GATT Rate -- VerizonThe all-important GATT Rate for the month of November 2009 will be between <span style="font-weight:bold;">4.31 and 4.33</span>, depending on whether the number is rounded up. Please note that this figure is based on our <span style="font-style:italic;">unofficial</span> calculations, and that you should always rely on information you receive from the benefits center. We are providing this information now because it may be a few weeks until the <span style="font-style:italic;">official</span> number is updated in the benefits center computer system. We feel very confident that the rate used will be either 4.32 or 4.33.<br /><br />Either way, it represents a small <span style="font-style:italic;">drop</span> from the previous quarter's GATT Rate of 4.37%. This is good news, although you will likely not notice much of a difference from the 4th Quarter 2009 to the 1st Quarter 2010.<br /><br />For our friends in West Virginia, this rate is especially good news, as it should provide you with the ability to work into early 2010. Please contact Jamie, Carl or Steve at (800) 281-3980 to discuss your personal situation in more depth.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-50780811426224747212009-11-23T15:41:00.001-05:002009-11-23T15:43:41.781-05:00Something to be Thankful for: November PBGC Rate!!Although the focus of this website is usually on the GATT Rate, we can't forget about our good friend the <span style="font-weight:bold;">PBGC Rate</span> either. And wow, the PBGC delivered very good news with the most recent rate!<br /><br />For more on how this could have a positive impact on your retirement, please contact Harris Financial Group at (800) 281-3980.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-84705924367623602212009-11-23T15:39:00.002-05:002009-11-23T15:41:15.201-05:00Monday's GATT Closes Around 4.287%This will help bring down the monthly average ever-so-slightly. The GATT is starting to look pretty harmless this month for those of you hoping to wait until next quarter to retire.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-56101521817237446392009-11-19T22:04:00.002-05:002009-11-19T22:08:24.518-05:00Please Visit Our New and Improved WebsiteJamie Cox and Holley Whitfield have been hard at work creating our new and improved <a href="http://www.harrisfinancialgroup.com">website</a>.<br /><br />Please take a minute to visit the website to learn more about our firm and the services we offer.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-12483894798511060562009-11-19T21:58:00.003-05:002009-11-19T22:03:48.894-05:00GATT Rate Closes at 4.29% TodayJust past the halfway point, the <span style="font-style:italic;">unofficial</span> monthly average currently stands at <span style="font-weight:bold;">4.35%</span>.<br /><br />This is good news for many of our Verizon friends in West Virginia and North Carolina, as well as anyone else who may be contemplating retiring in the 1st Quarter of 2010.<br /><br />Please contact Harris Financial Group at (800) 281-3980 if you have questions about how the GATT Rate affects your retirement.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.comtag:blogger.com,1999:blog-4731721026658933600.post-70992482640171822992009-11-17T08:50:00.002-05:002009-11-17T08:52:08.493-05:00GATT Heads LowerThe GATT Rate has steadily dropped over the past few days, registering closing yields of 4.39, 4.36 and 4.26%. Although this is a welcome change, remember that what we're waiting for is the monthly average. We'll continue to keep you updated. In the meantime, please call Harris Financial Group at (800) 281-3980 for help with anything else related to your retirement.Harris Financial Grouphttp://www.blogger.com/profile/00128754418836315014noreply@blogger.com