Since we have no idea what kind of contract you have, when you signed it, or when it is up, the answer is a definite:
When I went to the Verizon store they told me to transfer the work phone number and drop the personal phone number I would have to pay a termination fee on the personal phone. The contract isn't up till 6/2012 on the personal phone number.
Well, then you have your answer.
The ETF on smartphones is $350 minus $10 for each month of the contract that has been completed.
For non-smartphones, it is $175 minus $5 for each month that has been completed.
Right now it looks as if your ETF for a smartphone would be $145 for non-smartphone and $290 for a smartphone.
Does your employer have service with Verizon, too. If so, It seems to me that since they are the owner of that line currently, they could ask Verizon if you could have that line transfered to your personal line. You are after all allowed to change your number if you want. Not sure how it works if you want it changed to a number already in service, though. Worth a question to your company's service agent.