Severance Package Redact For Free

Severance agreements (or separation agreements) are legally-binding contracts. They are typically drafted by the employer's lawyer for the benefit of the employer, not the employee.

The fact that you really need the money promised in the severance agreement doesn't make your agreement involuntary. However, if your employer puts pressure on you to sign right away, that might call the agreement into question.If an employer doesn't follow these rules, the release can be invalidated.

In short, the company cannot cut off severance payments or demand repayment of benefits because an employee filed suit challenging the validity of the waiver under the Age Discrimination in Employment Act (ADEA) and the Older Workers Benefit Protection Act protects.

1. What should a severance package include? Your severance package should include information about your financial compensation under the agreementfor example, how much you will be paid and how it will be paidas well as how you will be compensated for your unused vacation and sick time.

If you are serious about maximizing your opportunity for a better severance package, you should consider hiring an experienced severance attorney to review your severance agreement, evaluate your employment history and help you negotiate your severance package.

A severance agreement may be a sign that you and your employer are not departing on the best terms.Fortunately, you may be able to negotiate a severance package with a non-disparagement clause that applies to both you and your former employer so both parties cannot say anything negative about the other.

Even if you are not interested in negotiating more severance, you can negotiate the details of your severance package, such as whether you are paid in installments or a lump sum. Of course, you will want to take into consideration whether a lump sum severance will push you into a higher tax bracket.