Severance agreement over 40 template. This document includes a checklist with tips on what you should do before signing a waiver in a severance agreement and a sample of an agreement offered to a group of employees giving them the opportunity to resign in exchange for severance benefits. The severance lease agreement template provides you with a sample severance lease agreement. Employees over 40 are covered by the older workers benefit protection act. Severance agreements for employees over 40 complying with the older workers benefit protection act owbpa by kevin rivera on june 13th 2017 whenever a client asks me to prepare a severance agreement for a departing employee the first thing i ask is if the employee is 40 or older.
Without owbpa compliance employees who are age 40 or over can still pursue age. If you are trying to avoid a wrongful termination claim consider asking a terminated employee to sign this form once you have customized it. You want to make sure the employee knows when they have until to sign the agreement and if they are age 40 or over that will be 21 days from date of termination and they also get 7 more days to change their mind after signing. You can use this sample as help while drafting your own agreement.
What is a severance package over 40 template. A termination letter is an official correspondence of business communication so you must keep it as short and as formal as possible. A severance package for employees over the age of 40 must include information about the age discrimination in employment act which protects workers over the age of 40 from being discriminated against based on age. When drafting a severance offer or release agreement one of the first questions that legal counsel or human resources asks is is the employee over 40.
This severance agreement is specially designed for lease and helps you in knowing what all information should be included in such type of an agreement. Severance agreements over 40. Provide a deadline to sign the severance agreement. The owbpa places strict requirements on the information contained in severance and termination agreements.
Understanding waivers of discrimination claims in employee severance agreements. This severance agreement template below available for free use on upcounsel.