Dont take this as gospel. If you are a verizon customer and meet certain criteria you can upgrade after one year instead of 2.
The Customer Experience
"You can get a new phone every year with Annual Upgrade. Sign up for a 2-year agreement on a calling plan of at least $49.99 and you can purchase a new phone at its promotional price through My Verizon every year with a 2-year renewal (upgrade fee may apply)."
The $49.99 price is for a single line or its family plan equivalent if I am not mistaken.
Come Jan 16, Verizon is shelving NE2 and Annual upgrades. From what I have been told, existing verizon customers are grandfathered on these promotions until they use them, then they're gone.
The Annual Upgrade is not available online, you will only see your NE2 date. You have to call CS to find out your Annual Upgrade date. Ironically, at least for me, if I go to Apple.com and check my upgrade eligibility for verizon customers, it gives me the discounted price, which I am entitled to as I have been eligible for via Annual Upgrade since December.
Remember, if you use the Annual Upgrade: 1) you are signing a new 2-year contract 2) your NE2 will be gone... gone for good.