Who We Help?
​Verizon associates in New York and New England seeking honest advice from a Fiduciary & Certified Financial Planner on how to transform their pension benefits and retirement assets into a secure retirement plan.
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Accessing Your Benefits Information
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Call Verizon Benefits Center at 855-4vz-bens (855-489-2367)
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Download the Official Summary Plan Description (SPD)
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Haydenrock Financial is an independent firm and is not affiliated with, endorsed by, or sponsored by Verizon Communications Inc.
What this Page Covers
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YOUR PENSION AT A GLANCE
A quick introduction to some of the more important components of the Verizon NY/NE Associates pension: How it's calculated, when you're eligible, and the best way to maximize your benefits
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KEY FACTORS TO CONSIDER
Find out if you have the right numbers to be able to retire when you're ready.
There's many variables to account for, such as the pension annuity or lump sum benefits, and how an EIPP buyout offer could change your numbers. We'll bring it all together so you know whether you can retire or not.
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THE HAYDENROCK ADVANTAGE
We're unique from other financial advisory firms out there. Whether it be the insurance, financial licenses or accreditations, or our genuine care for our clients, we're proud of the experience and expertise we offer.
The Basics in One Place
THE BAND, THE SERVICE, THE BENEFIT
The Plan is a Defined-Benefit Pension Funded by Verizon
Your monthly benefit is primarily driven by two inputs: your pension band amount (based on job title/collective bargaining) and your years of pension accrual service. In the SPD (Summary Plan Description) this is stated as:
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Basic monthly pension band amount × pension accrual service = basic monthly benefit (payable at normal retirement age).
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Many associates also receive a supplemental benefit calculated on eligible supplemental payments (certain differentials, awards, and other qualifying pay) received during the last 36 months before your benefit determination date. The SPD provides the formula and examples.
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The SPD includes a full pension band table and shows scheduled 1% increases that applied in 2016, 2017 and 2018; your band number and effective date determine which amount applies.
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Don't worry, we'll help you understand the most important parts you need to know.
When You’re Pension Eligible
THE RULE OF 75
Service Pension Eligibility
​You qualify for a service pension when you meet any one of the age/service combinations below:
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Any age with 30+ years of Net Credited Service
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Age 50 with 25+ years
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Age 55 with 20+ years
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Age 60 with 15+ years
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Age 65 with 10+ years
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Early reductions: If you retire before age 55 and have under 30 years of service, your pension is reduced 0.5% per month (6% a year) for each month you start before 55—permanent for life.
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Disability Pension: You qualify for a disability pension if you meet all of the following:
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You become totally disabled due to sickness or injury other than one related to an on-the-job accident while participating in the Plan before you are eligible for a service pension or reach normal retirement age
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You remain totally disabled after receiving 52 weeks or sickness benefits
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You have at least 15 years of net credited service
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Your disability pension is paid without reduction for early payment, regardless of your age when you become disabled. (Your disability pension is offset by any eligible Workers' Compensation payment.)
Pension payment Options: Which one is right for you?
Your pension gives you several annuity options (single life; 5‑ or 10‑year period certain & life; or pop‑up joint & survivor at 50%, 75% or 100%) or, if available at your pension commencement, a lump‑sum distribution. We'll help you choose the best option for you and give you an unbiased recommendation.
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A Note on Lump Sums & Interest Rates
Your lump sum is derived from the monthly annuity using interest rates and mortality factors (often referred to as GATT/PBGC rates). As interest rates rise, the present value falls; as rates fall, the present value rises.
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Taxes & Rollovers
KEEPING MORE OF WHAT YOU’VE EARNED
We'll educate you on the strategies you can implement to avoid paying penalties and unnecessary taxes on the money you need to live on.
A direct rollover to an IRA avoids current tax, preserves tax‑deferred growth and still allows you to receive structured monthly income. Your spouse or heirs can inherit the IRA, and you can even spread assets across multiple IRAs to improve flexibility.
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Need income before 59½? Two rules often considered:
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Age‑55 separation exception allows for a withdrawal from your Fidelity Net Benefits 401(k) once per calendar year that will not be subject to the IRS 10% early withdrawal penalty as long as you leave the company after your 55th birthday.
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Rule 72(t) substantially equal periodic payments (SEPP): It’s powerful but rigid—you can avoid the 10% early withdrawal penalty for withdrawals taken at any age before age 59.5. We'll make sure it's set up correctly and incorporated into your overall retirement plan.
WHAT YOU'LL NEED FOR YOUR CONSULTATION
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Your latest BenefitsConnection pension estimate and any buyout communications.
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Your 401(k)/savings statements and statements for any IRAs or investment accounts you and/or your spouse own.
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Your expected or targeted retirement date.
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Information on your spouse’s workplace benefits and retirement accounts (if applicable).
How Haydenrock Financial Helps Verizon Associates
PENSION, ENROLLMENT, RETIREMENT STRATEGY
To maximize the value of your Verizon benefits and create a comprehensive retirement plan, we focus our efforts on these five critical areas:
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Timing analysis (with interest‑rate sensitivity). Explore “retire now vs. later” scenarios and see how lump‑sum values move with GATT/PBGC rates that may be expected in the near future. This helps you decide whether staying through a future rate window is worth it.
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Annuity vs. lump sum. Model both options against your family’s income need, survivor protection, and goals. For annuities, we evaluate single life, period‑certain & life, and multiple joint‑and‑survivor levels. For lump sums, we design personalized strategies to support your lifestyle in the most tax efficient manner and see how it compares to the annuity payouts that aren't adjusted for inflation.
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Buyout strategy. If an EIPP or Special EIPP is offered, we incorporate those values into your overall financial situation to help you determine whether you're able to apply for the offer with confidence.
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Benefits enrollment assistance and guidance. We'll hold your hand and walk you through the enrollment process if you desire, answering any questions you have along the way.
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Tax‑aware withdrawal planning. We help avoid tax penalties and over‑withholding, map out Rule 72(t) or age‑55 strategies when needed, and coordinate Roth conversion windows, required minimum distributions (RMDs), and Social Security timing.
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Debt management & consolidation assistance. We'll address your entire financial situation, not just the investment assets you have, to help you minimize the amount of interest you pay so you can keep your hard earned money in your pockets.
Frequently Asked Questions
VERIZON PENSION PLAN FOR ASSOCIATES (NY & NE)
Here are the answers to the most common questions Verizon Associates ask:
Is my pension reduced if I retire at 53 with 25 years?
Yes. Because it’s before age 55 and under 30 years, the plan reduces the benefit 0.5% per month for each month before 55—12% for a 24‑month gap.
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How is my monthly benefit actually calculated?
The pension band amount (per the band table) is multiplied by your pension accrual service; any supplemental benefit based on eligible pay in the last 36 months is added.
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What changes for retiree medical in 2025 should I know about?
ER copays increase to $155, some out‑of‑pocket maximums adjust, and CVS Caremark becomes the prescription vendor for many plans on Jan 1, 2025 (expect new ID cards and registration). The supplemental guide details how caps and minimum contributions work by plan and tier.
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Can I change my annuity selection later?
No. The election is irrevocable, so model the scenarios before you file.
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Will my lump sum be larger if rates drop?
Generally yes—lower rates mean a higher present value; the workshop’s illustration shows how materially values can shift across rate levels.
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How many Verizon employees do you have as clients?
We have hundreds of Verizon retirees as clients and many of them have stated they are willing to talk with any prospective retirees and discuss the experience they've had with Haydenrock Financial.
Disclosures and Independence
OUR INDEPENDENT STATUS AND REQUIRED DISCLAIMERS
Haydenrock Financial, LLC is an independent firm and is not affiliated with, endorsed by, or sponsored by Verizon Communications Inc. This page summarizes plan features for education only. The official plan documents and SPDs control in all cases; if there’s a conflict, they govern. Please consult your tax advisor for advice regarding distributions, 72(t), Roth conversions, and RMDs.