April 26, 2010

EISP/ STD

To All-

This information has been sent to out previously but I am resending for the benefit of any new representatives.
Any questions feel free to contact me.
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Please post this information to the Union web site under the Benefits HCBC tab- Latest Benefit News

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Process for members on disability who elect to retire under the EISP:
 
If a member is out on a certified disability, the disability continues until the member is no longer disabled or they exhaust their 52 weeks of disability benefits (which ever comes first). The member will convert to a monthly check for disability, rather than a weekly check. If the member elects to take their pension there will be an off set calculated (see below). There often is a delay of up to 6 weeks while this process takes place. Members should be advised of this so they are prepared for no disability money coming in while the process switches over.

Excerpt from the Sickness and Disability Benefit Plan (SADBP) document:

Pension or Benefit Option During Disability

If a person receiving Sickness or Accident Disability Benefits retires under provisions of the Verizon Pension Plan for Mid-Atlantic Associates, and is entitled to payment of a service or deferred vested pension under such pension plan, the Disability Benefits payable to such person shall be discontinued upon the commencement of the service pension or deferred vested pension payments. If the Disability Benefits are greater in amount, the recipient may elect in writing to continue receiving them and defer receiving payments of his pension, or the Committees may elect to make payments supplemental to the service pension or deferred vested pension so that the rate of total payment is not diminished below the rate of Disability Benefits to which he is entitled; provided, however, in the case of an Employee who receives a pension benefit in the form of a lump sum distribution, then, for purposes of offsetting the Disability Benefits by the amount of the monthly pension benefit, the monthly pension offset shall be equal to the number of dollars of pension payable for month if the Employee had elected an immediate single life annuity. The separation from service of an Employee without a pension during a period of Sickness or Accident Disability Benefits shall not terminate or decrease his or her Disability Benefits.

Karen Lane
Health Care Benefits Coordinator
Local 827 IBEW
800-870-6354
570-424-5110 (Fax)
karen.s.lane@verizon.com

 

EISP/ Service Pension Eligibility.

To All-

I am receiving calls related to the following (chart is from the Pension SPD).

Please remind members that the magic "75" (age + service) is not a fact. Many members think that "75" is all they need when it comes to retiring. Although the reduction/penalty for retiring prior to age 55 (if you have less than 30 years) has been waived with the most recent agreement, this does not qualify the member as service pension eligible.

Service Pension Eligibility Requirements

Your Age	Net Credited Service
Any age	30 years or more
At least age 50	25 years or more
At least age 55	20 years or more
At least age 60	15 years or more
Age 65 or older	10 years or more

If you are service pension eligible, you are eligible to receive retiree medical and retiree dental benefits, no vision coverage unless you elect that under COBRA.

Karen Lane
Health Care Benefits Coordinator
Local 827 IBEW
800-870-6354
570-424-5110 (Fax)
karen.s.lane@verizon.com

 

 

 

April 2009-

 

 
Benefits Renewal for 2009-Benefits Renewal went as well as can be expected considering that Vz continues to change the process, just a bit, each year. This year the enrollment period changed from Oct to Nov, in part due to bargaining this past summer. Enrollment kits were not mailed out unless requested. You should have received a confirmation of coverage. I hope you looked it over closely to verify that the changes you made were in fact made, and if you made no changes, that is reflected as well. Remember what I always tell you…if you make a mistake it is your fault, if Vz makes a mistake and you don’t catch it is still your fault. You see how this works? Great system, if you are the company.


Verizon Benefits Center (VBC)-877-489-2367

 
-Verizon changed the Benefits Center number, last year. Call the VBC for any changes to your benefits. These are recorded calls and can help if there is a question about if you actually made a change to your account. When the VBC reps try to push you off onto the web, ask them “Why, don’t you need a job?”

 
-Adding newborns or newly adopted children, make sure you elect all benefits-medical, dental and vision. Members are finding out too late that one or more benefits aren’t in place. This is mostly dental and vision. Add ALL dependents to ALL benefits.

-Beneficiary forms. Please take a moment to update your beneficiaries. If you filled out an old paper copy, odds are the VBC will not be able to find it. Call the VBC and see who you have on file for life insurance (basic and supplemental). You can make these changes on the phone with a VBC rep. Provide the names of your beneficiary (SS# are helpful but not required to initiate) and the percentage that you want to provide to each. Pension beneficiary forms can be obtained by calling the VBC. Also remember to update your beneficiary with the Local. We provide life insurance at no cost to you (active and retiree). You would be surprised at how many ex-spouses or deceased family members are listed on these policies.

-IMPORTANT NOTE for Active members, Pre-Retirement Survivor Benefits. If you are an Active member and unmarried (this includes Same Sex Domestic Partners) you MUST assign a beneficiary to your Pension. If you were to die prior to retirement with no beneficiary on file, Vz will keep all money which normally would have gone to your family, unlike married members, whose spouse would automatically get survivor benefits. See your Pension SPD for more information.
-Summary Plan Descriptions (SPD). Vz has reprinted and updated many of these SPDs. Call the VBC and ask for new copies to be mailed to you if you have not received them already. When they try to push you off on an electronic copy,  ask them “Why, don’t you need a job?” Request copies of all plans (medical, dental, vision, disability, long term care, dependent/healthcare reimbursement, life insurance, survivor benefits, income security plan) Call Fidelity and request the savings plan SPD.

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Benefits Renewal is Coming- November 12 thru November 25, 2008 for Active
> Employees
> Verizon Benefits Center 877-489-2367
>
> Call Verizon Benefits Center (VBC) on or after Oct 29 to request a
> benefits package which will show your current elections and Health Plan
> Comparison Charts (HPCC). The HPCC show all medical and dental options
> available to you for the 2009 year.
>
> Important changes to the medical plans as a result of recent bargaining:
>
> The Managed Care Network (MCN) will now be the "Aetna Choice POS II". This
> change was necessary to implement a "no referral system". Beginning 1/1/09,
> if you are in the MCN, you are no longer required to get a referral to a
> specialist. With this freedom to choose comes a responsibility to make
> sure that the specialist you are seeing is a participating provider in the
> Aetna Choice POS II network. You can be sure that you will receive the
> highest level of benefits by calling Aetna member services (800-247-5482)
> to verify that the specialist participates in this plan. All doctors will
> tell you that they "take Aetna", but if they aren't participating in the
> Choice POS II you will be balanced billed, responsible for a $250
> deductible and much more out of pocket expenses.
>
> Emergency Room co-pay has increased to $25, but it is waived if you are
> admitted.
>
> Urgent Care is now covered with a $15 co-pay, in network or out of
> network! This is a great improvement. You now may go to a local Urgent
> Care facility. These are more convenient and the waiting time is usually
> greatly reduced. Urgent Care is appropriate for many conditions that you
> may have gone to the Emergency room for. If the facility is a out of
> network facility you may be required to pay up front and then put in a
> claim form to be reimbursed. You may call Aetna for an in network facility
> near you.
> Prescription Drugs- In network (please see mailing for out of network)
> Retail (30 day supply)
> Generic- no change 15% of DNP up to $25 max out of pocket
> Brand name, no generic- 20% DNP up to $45 max out of pocket
> Brand name, generic avail. (includes DAW)-30% of DNP up to $55 max out of
> pocket
> Mail Order (90 day supply)
> Generic- no change lower of $8 or DNP
> Brand,no generic avail.-lower of $17 or DNP
> Brand name, generic avail. (includes DAW)-lower of $25 or DNP

 

Pension or Benefit Option During Disability

If a person receiving Sickness or Accident Disability Benefits retires under provisions of the Verizon Pension Plan for Mid-Atlantic Associates, and is entitled to payment of a service or deferred vested pension under such pension plan, the Disability Benefits payable to such person shall be discontinued upon the commencement of the service pension or deferred vested pension payments. If the Disability Benefits are greater in amount, the recipient may elect in writing to continue receiving them and defer receiving payments of his pension, or the Committees may elect to make payments supplemental to the service pension or deferred vested pension so that the rate of total payment is not diminished below the rate of Disability Benefits to which he is entitled; provided, however, in the case of an Employee who receives a pension benefit in the form of a lump sum distribution, then, for purposes of offsetting the Disability Benefits by the amount of the monthly pension benefit, the monthly pension offset shall be equal to the number of dollars of pension payable for month if the Employee had elected an immediate single life annuity. The separation from service of an Employee without a pension during a period of Sickness or Accident Disability Benefits shall not terminate or decrease his or her Disability Benefits.

Karen Lane
Health Care Benefits Coordinator
Local 827 IBEW
800-870-6354
570-424-5110 (Fax)
karen.s.lane@verizon.com