What do I need to do when my contract expires?
You don't need to do anything - the contract will expire and you will continue to be billed the same but on a month to month basis, meaning you can cancel at any time without owing an ETF. If you are on More Everything, that line will be able to get a discount from the $40 access fee you currently pay ($15 disc if you have up to 6 GB data, $25 disc if your plan is 6GB or more). At this time, that doesn't happen automatically, you must call customer service and request the line access discount for out of contract lines.
If you are on the new Verizon Plan, your $40 access fee will drop to $20 once the contract ends, and I believe THIS drop is automatic and will happen without any intervention from you.