The Verizon EISP has been announced, and packages are being distributed to employees starting today. If you're a Verizon employee and a union member, this is no longer a rumor or a maybe. It's real, it has a real deadline, and it deserves your full attention over the next several weeks.
I've spent 20 years working with retirees who have gone through a Verizon EISP, and if there's one thing I've learned, it's this: the members who come out ahead are the ones who get organized early and get real guidance before they sign anything. Here's what you need to know.
The Key Dates
Once the volunteer window opens on September 3, you'll have exactly 30 days to make your decision and submit your application. That is not a long time to make one of the biggest financial decisions of your life, which is exactly why the planning should start now, before the window even opens.
The Decisions You'll Need to Make
An EISP touches nearly every part of your financial life at once. In the coming weeks, you'll need clarity on:
● Pension: lump sum or monthly payment, and which one actually fits your situation
● Healthcare: how long your coverage bridge lasts and what happens before Medicare eligibility at 65
● Your 401(k): whether to leave it, roll it to an IRA, or take a distribution, and what each option costs you in taxes
● Estate planning: making sure your beneficiary designations, will, and power of attorney reflect your new reality
Each of these decisions affects the others. That is why running the numbers as a whole picture, rather than one decision at a time, matters so much.
For a full breakdown of each of these decisions, including the pension comparison, the healthcare timeline, and the most common mistakes to avoid, read the complete Pereira Wealth Management EISP guide.
Why Timing Matters More Than Ever
With a hard deadline of October 2 and an off-payroll date of October 11 for accepted applications, there is very little room to make a decision, unmake it, and start over. Members who wait until the last week of the window are working with fewer options than the members who came in during the first week.
If you have not yet gathered your pension estimate, your 401(k) statements, your healthcare details, and your current beneficiary designations, that is the single best thing you can do this week, before the volunteer period even opens.
20 Years With Verizon EISP Retirees
This is not the first Verizon EISP I have guided members through, and it will not be the last. Over 20 years, I have run the lump sum versus annuity analysis, mapped out healthcare bridges, coordinated 401(k) rollovers, and helped update estate plans for retirees who wanted to make this decision with confidence instead of guesswork.
If you would like to talk through what this EISP means for your specific situation, before the volunteer period opens on September 3, I would encourage you to reach out now. The earlier we start, the more options you have.
Nuno T. Pereira, CTFA
President & Wealth Manager, Pereira Wealth Management
pereirawm.com · 877-997-7113 · nuno@pereirawm.com
Before deciding whether to retain assets in a 401(k) or roll over to an IRA, an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.