The wait for Android 5.0 to arrive on the LG G3 has varied widely based on carrier—AT&T managed to get it released rather quickly and T-Mobile just rolled it out a week or two ago. Now it's Verizon's turn to get the Lollipop update done.
The update docs have been posted on Verizon's website, which means the OTA (version VS98523B) should start any time now. The update has been available for at least a few days using Verizon's desktop Software Upgrade Assistant, but that's an awful, buggy program that you should avoid if at all possible.
The update to Lollipop will add features like smart lock, notifications on the lock screen, and new navigation buttons. Feel free to hit the update menu now and see if there's any movement.
- Verizon (PDF)