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At this point it's probably not going to happen. Let's look at the facts:
Microsoft made this update, clearly, they're not the hold up.
This update was released over 9 months ago.
The phone can run this update.
Verizon has not pushed it out in all this time.
Verizon refuses to release details about it.
When I purchased the phone I was told that I wouldn't have to wait for updates that it would be controlled by Microsoft in much the same way that Apple pushes out updates now for iOS. This was simply a lie by the salesmen at an official Verizon store (shocking, right?).
At this point, being this far behind I assume the following.
Verizon does not want to push the update out because they want you to be unhappy enough to upgrade your phone and are willing to gamble that you won't switch to AT&T.
If I purchase a new phone from Verizon I should expect the same treatment from them as I'm receiving now. They will leave me for dead (per se) in the same manner they have now (they did this with my last Android phone and they've done it here).
I have no faith that Verizon will officially push this update out.