The over-the-air (OTA) update is when Verizon pushes out the updates to their version of the Android operating system to the smartphones. There is nothing you need to do, other than wait and be patient until it arrives.
When it arrives on your phone, there will be a pop-up informing you that there is an update to your phones software.
You will have an option to "Install Now" or "Install Later".
Regardless of what others may say, you need this update if nothing else than to improve battery life.
To the best of my knowledge, Verizon has not yet started pushing out this update. When they start, it may take many days until everyone receives the update.
There is a version, that may be exactly this that was sent out for a "soak" test. This version is available for you to manually install. You can search the forum to find it and install if you wish. I've opted to wait for the final production version.
So you have a choice, you can have "Patience Grasshopper" and wait for the OTA update or take a few minutes, and I mean less than 10 minutes, and manually install the soak version.