According to a tweet by a member of Verizon's PR team, the update will commence from tomorrow, and will be part of a phased roll-out that will likely run for many weeks to come:
As you can see, the download and connect-to-computer option will also be available for those wanting to update their Droid Turbo to Android 5.1 Lollipop, but over-the-air is considerably less hassle.
Features will include lock screen notifications, battery tweaks and myriad other adjustments. Visually, the update will carry Google's all-new Material Design for Android Lollipop, and with Verizon having confirmed, the update for the DROID Turbo is now just one day away.
source: Albert Aydin