Verizon will be updating the LG G3 to Android 5.0 Lollipop through an OTA update. The update has been available through Verizon's desktop app but for those who don't want to deal with that the update will now be available directly on the device itself. Verizon is the last of the big three carriers in the US to push the Lollipop update to the G3, with AT&T being the first quite a while back, and T-Mobile starting recently. The update will bring the usual Lollipop features, such as Material Design, improved notifications, user profile modes, priority notification modes, and a ton of under the hood...
Source: http://www.gsmarena.com/verizon_lg_g3_getting_android_50_lollipop_ota_update-news-11879.php