| SECTION I – COMPENSATION |
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| Pension |
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| Q1. |
Why doesn’t Verizon give the retirees a cost of living increase? |
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| A1. |
Pension plans generally are designed to provide a fixed-income amount to retired employees. The plan document states what the eligible employees’ lifetime benefit is. In Verizon, this benefit is paid entirely based on company contributions. As I am sure you know, many companies require that employees contribute to the pension plan in order to receive a benefit at retirement.
The pension benefit is meant to supplement income from Social Security and personal savings, not to provide the only source of retirement income. Social Security benefits are increased annually based on the increases in the Consumer Price Index (CPI). Verizon offers a total retirement package paid by the company – pension, company contributions to the savings plan, retiree welfare, and life insurance. By that standard, Verizon’s retiree benefits rank well above many of our competitors’ benefit packages. Many of the companies with whom we now compete offer only 401(k) savings plans and do not provide either a pension plan or retiree health benefits. Benefit costs are expenses that must be considered in determining the price at which we can offer services to our customers. Verizon has made every effort to treat our employees and retirees fairly in the competitive market place. I hope you will acknowledge that Verizon recognizes the past contributions of its retired employees by providing generous retiree benefits after their productive years with the company have ended. |
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| Q2. |
I have not received my pension check for this month. Who do I contact? |
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| A2. |
Please wait until the 5 th business day of the month before inquiring about the status of pension checks and/or deposit advices. Before the 5 th business day, the vast majority of inquires can only be answered by providing you with the date the check was mailed. Additionally, the Verizon Benefits Center cannot stop payment or reissue pension checks before the 5 th business day of the month. If it has reached the 5 th business day of the month, you may send a secure email to the Verizon Benefits Center by logging on to www.verizon.com/benefits and clicking on “Secure Mailbox”. You may also contact the Verizon Benefits Center at 1-877-4VzBens (1-877-489-2367). At the main menu select “Retirement and Pension”, then select “Pension Check Status”. Representatives are available from 8:00am to 6:00pm EST, Monday – Friday. You
may also visit Your Benefits Resources at www.verizon.com/benefits and send an email to the Verizon Benefits Center. |
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| Q3. |
I need to update my direct deposit information for my pension check? Who do I contact? |
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| A3. |
You may update your direct deposit information online. Just log on to Your Benefits Resources at www.verizon.com/benefits (user ID and password required). Select “Pension” and click “Change Where to Receive Your Payment” Follow the instructions to make the change to your direct deposit information. You may also contact the Verizon Benefits Center at 1-877-4VzBens (1-877-489-2367). At the main menu select “Retirement and Pension”, then select “Pension Plan”. Representatives are available to assist you from 8:00am to 6:00pm EST, Monday – Friday. |
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| Q4. |
I retired this year. When will I receive my W-2 and/or 1099R? |
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| A4. |
All tax statements are mailed out no later than 01/31 of the current year. If you have not received your tax statement by February 9 th, please contact
the Verizon Benefits Center at 1-877-4VzBens
(1-877-489-2367). Representatives are available to assist you from 8:00am to 6:00pm EST, Monday – Friday. |
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| Stock Options |
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| Q5. |
I was involuntarily separated from the company and I am retiring, how does this affect my stock options? |
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| A5. |
All options become exercisable at the time of separation. The grant will expire five years from the separation date OR the original expiration
date, whichever is earlier. This applies to the Founders’ Grant, Partnership Shares, Take Stock in NYNEX and Executive Grants. |
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| Awards/Incentives |
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| Q6. |
I retired this year. Am I still eligible for a VIP award? |
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| A6. |
Yes. If you were eligible for an STI award during the plan year and leave the Verizon payroll due to retirement, you will be eligible to receive payment
for your STI award at the time of your separation from the payroll. If you work the entire plan year and are active under the plan provisions on the last
day of the plan year, you will receive payment at the time active employees are paid. Your payment amount is based on company performance and your individual
contributions to your organizations success. |
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| Q7. |
I retired this year. Am I still eligible for a CPS award? |
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| A7. |
Yes. If you were eligible for a CPS award during the plan year and leave the Verizon payroll due to retirement, you will be eligible to receive payment
for your CPS award, however, your payment will be prorated based on number of months you were on the payroll as an active associate. |
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| Q8. |
I retired this year. Am I still eligible for a TPA award? |
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| A8. |
Yes. If you were eligible for a TPA award during the plan year and leave the Verizon payroll due to retirement, you will be eligible to receive payment
for your TPA award, however, your payment will be prorated based on number of months you were on the payroll as an active hourly employee. |
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| Q9. |
I am retired, am I eligible for telephone concession service? |
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| A9. |
For questions regarding telephone concession service, please contact Wells Fargo at 1-800-898-3886. |
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| Q10. |
At the time of my retirement, I selected a service award and/or a retirement gift, but I have not received it. Who do I contact? |
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| A10. |
You may contact the Verizon Service Award Center at 1-866-419-5222 or send an email to Verizon@CFJmfg.com.
Representatives are available from 8:00am to 8:00pm EST, Monday – Friday, to assist you. |
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| Q11. |
When should I expect to receive my Retirement Brochure that will allow me to select a retirement gift? |
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| A11. |
The retirement notification package will be sent to the home address on record approximately 6-8 weeks after your retirement date. |
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| Q12. |
I was unable to schedule my retirement luncheon before my last day at work. Am I still eligible for the luncheon? |
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| A12. |
If you cannot take the luncheon before your last day on the payroll due to the needs of the business or extenuating circumstances, you will have 90
days from your retirement date to take the luncheon and submit the restaurant receipt for reimbursement by Verizon, or it will be forfeited. |
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| Q13. |
How do I get reimbursed for the luncheon? |
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| A13. |
Retirement luncheon reimbursement requests should be submitted by your Supervisor using the vendor voucher. |
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