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Cellular forums Home > Archive > Verizon wireless > February 2006 > Verizon Retirement
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Verizon Retirement
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| John Kapili 2006-02-23, 5:48 pm |
| John Kapili announces www.johnkapili.com/PensionER.
If you were an employee of GTE Wireless (now Verizon) that was sold to
AllTel on 6-29-2000, you need to become a member of this website. Your
pension benefits may not be what you thought they were going to be. GTE (now
Verizon) told their employees that their "Deferred Vested" benefits would be
available to them when they retire. If you are like most employees you
thought this meant that you would be able to collect your full GTE pension
(based on your years of work at GTE) when you reached early retirement age.
The truth is you cannot get 100% of your money until you reach age 65.
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| Agent_C 2006-02-23, 5:48 pm |
| On Thu, 23 Feb 2006 15:33:59 GMT, "John Kapili" <John@nc.rr.com>
wrote:
>The truth is you cannot get 100% of your money until you reach age 65.
So what's the big deal? That seems perfectly reasonable to me.
A_C
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| Agent_C wrote:
>
> On Thu, 23 Feb 2006 15:33:59 GMT, "John Kapili" <John@nc.rr.com>
> wrote:
>
>
> So what's the big deal? That seems perfectly reasonable to me.
Isn't it that way with most companies?
I'd say, be happy Verizon even offers retirement benefits, as a large number
of companies, these days, are just dropping them!
Notan
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| If your company established a plan where you could invest money, and that
you could get the money out when you retired, and that you could retire at
55 (at a reduced pension), then changed the rules and told you you'd have to
wait until 10 years after you retired to get the money, that wouldn't bother
you?
Whether a company offers a pension, or No pension, or tells you they'll TAKE
money from you when you retire, isn't the issue. What's at issue is
fairness. It's unfair in any game to change the rules to one side's
advantage once the game has started. People chose to accept employment in
certain companies because of the benefits offered.
Yeah, yeah, yeah, companies are cutting and eliminating pensions. If it were
due to the company losing money to the point that the execs lost their
multi-million bonuses and golden parachutes, that would be one thing.
Instead, the fat cats are getting fatter by playing these pension games.
Don't start remedying the situation by cutting the throat of the little guy
who built your company. In the end, it's bad business.
Dean
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"Agent_C" <Agent-C-hates-spam@nyc.rr.com> wrote in message
news:lvorv11fh3c062q
4ikb7hsr0om1qfjo5ei@
4ax.com...
> On Thu, 23 Feb 2006 15:33:59 GMT, "John Kapili" <John@nc.rr.com>
> wrote:
>
>
> So what's the big deal? That seems perfectly reasonable to me.
>
> A_C
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| Agent_C 2006-02-28, 5:48 pm |
| On Tue, 28 Feb 2006 00:44:01 GMT, "Dean" <dean173@yahoo.com> wrote:
>If your company established a plan where you could invest money, and that
>you could get the money out when you retired, and that you could retire at
>55 (at a reduced pension), then changed the rules and told you you'd have to
>wait until 10 years after you retired to get the money, that wouldn't bother
>you?
20 years ago; yes, but in today's world, one has to accept economic
realities.
It's very unlikely Verizon violated the law when they amended their
retirement plans. Too many lawyers on staff for that... More likely
you didn't read the fine print in one of those many notices they send
out.
A_C
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