Samsung started selling its Gear VR accessory a couple of days ago, but one little known thing is that carrier-customized versions of the Galaxy Note 4 won't work with it out of the box. They each need to receive a software update to enable using the Gear VR.
That is now in the process of happening to Verizon's version of the Samsung Galaxy Note 4 phablet. There's an update for it already rolling out, and sure enough, it will make it work with the Gear VR.
Aside from that, the new software brings with it a transparent Amazon widget, a name change for the Isis wallet (to Softcard), and an updated Galaxy Essential widget.
Many known bugs have been fixed too. So now you get more legible fonts, Spanish support for the Mobile Hotspot function, improved Wi-Fi performance, no more email notification issues, and text that can be selected and copied from any Calendar entry. An error that prevented accessing the Security menu in Settings is gone, as is a compatibility issue between Google Drive and the Office viewer, and an error affecting fingerprint scanning has been resolved as well.
After applying the update, you'll be running software version KTU84P.N910VVRU1ANJ5. Your Android iteration won't change, this isn't a Lollipop update. And as always, it might be a while before your particular device is prompted to download and install the new bits.