Severance Agreement Lawyers in Rochester,NY
What is a Severance Agreement?
Severance agreements are essentially a waiver of all legal claims in exchange for compensation when terminating an employment relationship. They can include non-compete agreements or other restrictive covenants. As a legal and binding agreement, it is wise to be fully aware of the short- and long-term ramifications of such agreements.
Need Help With Your Severance Agreement?
The Glennon Law Firm, P.C. routinely reviews, advises, and negotiates severance agreements for employees, executives, and professionals and will also advise you on any severance issues you may have.
Reach out today to work with our Rochester severance agreement attorneys!
What is Included in a Severance Agreement?
A severance agreement will usually include the following:
- Payment based on the length of service you had with the company
- Payment for unused sick days or vacation days
- Payment amount in lieu of a required notice period
- Extension of medical benefits
- Dental benefits or life insurance coverage
- Handling of your retirement benefits,
- Stock options
- Vested or unvested units
- Sometimes even assistance in finding a new position
If you have any other employment claims, such as discrimination, unpaid wages, or other claims, the employer may offer additional sums to settle those claims without litigation.
Understanding Your Rights Under Severance Package Laws
New York law does not require employers to offer a severance package, except for specific circumstances. Employers can offer severance agreements voluntarily or according to company policy.
Typically, severance packages are offered to those employees who are laid off or are retiring. They may also be offered to those who are resigning or are being fired, depending on your employer's practices. Some employees have a right to severance due to an existing employment or union agreement.
Can a Person Sue if a Severance Package is Given?
From an employer's viewpoint, a severance agreement can guarantee an employee will forego or waive any right to sue their employer. Such agreements prevent employee lawsuits for wrongful dismissal or attempts to file for unemployment compensation.
In New York, recent laws affect your ability to file for unemployment benefits based on whether the employee has a severance agreement and the terms of the severance agreement.
Employees employed in executive or professional positions have additional concerns related to severance agreements, including non-compete and other restrictive covenants, as well as possible tax implications arising under Internal Revenue Code (IRC) 409A.
Employing the advice and representation of a qualified and experienced employment law attorney when negotiating a severance package is the best way to ensure that you are receiving fair treatment and protection of your legal rights. Contact us for any issues you may be facing in a severance situation.
Our lawyers have the skill and experience needed whether you work for a large multinational firm or a small to midsize employer. We are always standing by to receive your call and arrange an appointment that is confidential, and will be happy to answer any questions you may have during what can sometimes be a very emotional time.
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