Despite the fact that everything I have read and Verizon support agreeing that this setup is proper, I was unable to insert pauses and my password into the calling string for calling voice mail when the call string began with *86. When I did that, the phone would call voice mail successfully and immediately send the pauses and the password before the Verizon system would ask for it.
So, I tried another approach. I changed my voice mail calling settings from the *86 to my full phone number followed by the two pauses (commas) and then my 4 digit numeric password. It worked!
Guessing this is some kind of a bug.