Verizon pushes out Android 5.0 to the Samsung Galaxy Note 3
The Android 5.0 update for the Verizon Galaxy Note 3 weighs in at a hefty 117MB, which means that you should be on a Wi-Fi connection when downloading and installing it. The carrier says that it will take 8 minutes to prepare your device for the update, and another 14 minutes to install Android 5.0 on your phablet. Make sure your battery is charged to at least 50%.
You will need 1.7GB of free space to update your phone, and you will be told to clear more space if required. Also, because this is being sent out on a staggered basis, it might be a few days before the update actually hits your phone. You can try to manually pull it out by going to Settings > About Phone > Software Updates > Check for Updates.
Thanks for the tip, Dennis!
source: Verizon (1), (2)