401(k) Plan:   Within 1-2 weeks of your separation from the company, Fidelity will mail a package to your address on file describing your rights under the Verizon Savings Plan.

If your vested account balance is less than $1,000, you will automatically receive a lump sum cash distribution as soon as practicable after you separate from service. You will have an opportunity to elect to roll over this lump sum distribution.

If your vested account balance is $1,000 or greater but not more than $5,000, your account will be automatically rolled over to an IRA with Fidelity unless you request to receive your benefit distribution in the form of a check payable to you or through a direct rollover to another IRA or eligible retirement plan.

If your vested account balance is greater than $5,000, there are several additional distribution options available to you. Below is a brief description of each of the distribution options available through the Plan. Additional information on these options will be included in the package that Fidelity will mail to you.

  1. Leave your account balance in the Verizon Savings Plan - you will continue to choose how you want your accounts invested (subject to 401(k) Plan limitations) and can request a distribution of your account balance at any time. Please note, however, in accordance with IRS requirements, you must begin receiving distributions from the 401(k) Plan no later than April 1st of the year following the year in which you reach age 70 ½.
  2. Roll over your eligible account balance to an IRA or another employer's eligible retirement plan - you will continue to defer taxes on any rollover amounts, as well as any future investment earnings.
  3. Request a lump sum distribution - your distribution will be paid to you in cash and you will owe income taxes on the taxable portion. You may also owe a 10% penalty tax on the taxable portion of the distribution if you receive it before you reach age 59 ½.
  4. Request installment payments - you can receive annual installments over a 2 - 20 year period provided the number of installments does not exceed your single life expectancy or the combined life expectancy of you and your beneficiary. Installments are paid in cash.

If you have any questions, please contact Fidelity at 1-888-457-9333. Representatives are available to assist you from 8:30 am - midnight on any day that the stock market is open.

Change of Address   Please contact the Benefits Center at 855-489-2367. You will be asked to enter the last 4 digits of your social security number and your birth date. After completing this, you will hit option 7 and then option 8. This will help ensure any future paperwork, including paychecks and tax documents, reach you in a timely manner.

Continuing Legal Obligations:  You have a continuing legal obligation to maintain the confidentiality of Verizon Wireless Proprietary Information after your separation from Verizon Wireless.  You will receive a letter mailed to your home address that provides more information regarding your continuing responsibilities and obligations under the Verizon Wireless Code of Conduct.  

Educational Assistance:  If you are enrolled in the Educational Assistance Plan at the time of termination, you are responsible for reimbursing the Company for any assistance/professional development benefits extended on your behalf.  Please visit https://tamsonline.org/verizonwireless/login.html for more information.

Employee Phone Program: Upon termination / separation from employment with Verizon Wireless, any line(s) of service enrolled in the Employee Phone Program must be either converted to a Consumer account (with no discount), ported out or disconnected, without penalty. PLEASE NOTE: Your employee account line is subject to be converted to a consumer (no discount) at any time after your last date of employment with Verizon Wireless, and without notification. All existing contract terms will apply once the account has been converted. If the line is converted, any lines that remain under contract will be subject to an early termination fee. Within 40 days of termination / separation, all employee discounts will be removed from the Employee Phone Program account. The account will be converted to a Consumer account and existing contract terms will apply.

Employment Verification Services:  If an employer needs to verify your employment with Verizon Wireless, please visit www.theworknumber.com or call 800-367-5690.  The Verizon Wireless Company Code is 11708.

Note: For the next several months, former Alltel employees must complete two employment verifications in order to obtain an employment verification that reflects their years of service accurately. For service prior to February 9, 209, you should use the Alltel employer code 11464 ( your pin is the last four digits of your SSN). For service beginning February 9, 2009, you should use the VErizon Wireless employer code.

Flexible Spending Accounts:  An employee participating in the Health Care Reimbursement Account and/or Dependent Care Reimbursement Account at the time of termination will be removed from the plan as of the date of the termination.  However, even if participation ends before the end of the year, the employee will have an additional 90 days after the end of the calendar year in which the termination took place to submit claims for un-reimbursed health care and dependent care expenses incurred prior to the employee's termination of employment.  Visit Your Benefits Resources at www.vzwbenefits.com or call 877-372-8355 for more information.

Garnishments:  Please contact HR Innovations at 312-551-6517.

Healthcare: Medical and dental coverage for an employee and his/her dependents ends on the last day of the month from which the employee last worked with the Company.  A letter detailing additional information regarding health and dental coverage will be mailed to the employee shortly after separation.  Terminated employees will receive in his/her home mail a COBRA package detailing his/her rights to elect continued healthcare coverage.  There is a specific period of time in which to elect COBRA Continuation Coverage.  The timelines required for paperwork submission and payment will be further explained in information provided after an employee's separation.  A former employee who elects COBRA Continuation Coverage must pay the entire premium plus an applicable service fee for that coverage.  You can enroll in COBRA by logging into Your Benefits Resources at www.vzwbenefits.com or call the Verizon Wireless Benefits Center at 855-489-2367.

Life, AD&D and LTD Insurance:  A letter detailing additional information regarding Life, AD&D and LTD will be mailed shortly after separation.  Contact the Verizon Wireless Benefit Center at 877-372-8355 if you have any questions.

Payroll / Paycheck / Re-payment:  Your last paycheck (subject to state restrictions) generally will include exception pay and will be in the form of a paper check.  Please contact Payroll at 800-932-7947 if you have any questions.

Payroll Tax and W-2:  Contact Payroll at genbox.payroll-taxes@verizonwireless.com for tax related requests, such as receiving a copy of your prior year W-2.

Transition Benefits Plan:  Participants of the legacy company transition benefits plan may contact the plan administrator, ACS, at 800-551-2270 or access accounts through https://www.verizonwireless.hrodb.com/verizonwireless/jsp/index.jsp.

Travel or Purchasing Card:  Contact A/P Hotline at 916-357-3270 or visit www.genetservice.com if you have any questions.