CONCLUSION APPENDIX A: Employee Checklist: What to Do When Your Employer Offers You a Severance Agreement APPENDIX B: Sample Waiver and General Release: Group Layoffs of Employees Age 40 and Over - Employee reductions and terminations have been an unfortunate result of the current economic downturn.
To minimize the risk of potential litigation, many employers offer departing employees money or benefits in exchange for a release (or “waiver”) of liability for all claims connected with the employment relationship, including discrimination claims under the civil rights laws enforced by the Equal Employment Opportunity Commission (EEOC) -- the Age Discrimination in Employment Act (ADEA), Title VII, the Americans with Disabilities Act (ADA), and the Equal Pay Act (EPA).
While it is common for senior-level executives to negotiate severance provisions when initially hired, other employees typically are offered severance agreements and asked to sign a waiver at the time of termination.
When presented with a severance agreement, many employees wonder: Is this legal? This document answers questions that you may have if you are offered a severance agreement in exchange for a waiver of your actual or potential discrimination claims.
Part II provides basic information about severance agreements; Part III explains when a waiver is valid; and Part IV specifically addresses waivers of age discrimination claims that must comply with provisions of the Older Workers Benefit Protection Act (OWBPA).
The Employer has paid all salaries owed as well as withheld all necessary payroll and tax deductions for the employment period.Employee further understands that Employee may revoke this Agreement at any time during the seven (7) days following the date of Employee’s execution of this Agreement by giving written notice of revocation within this period, in person or in writing, to [Contact Person and Contact information].Employee understands that this Agreement shall not become effective or enforceable until the seven (7) day revocation period has expired. Often, employers terminate older employees who are eligible for retirement, or nearly so, because they generally have been with the company the longest and are paid the highest salaries. Even in good economic times, however, businesses of every size carefully assess their operational structures and may sometimes decide to reduce their workforce.When you use 3Step Agreement, you have a signature ready agreement typically in less than one hour. Easy Online Divorce - Your Divorce Documents Ready for Filing in 1 Hour.