Separation Agreements for Older Employees

An employee who’s older than 40, presented with a separation or severance agreement by the employer, needs to know that there are certain requirements that the separation agreement must have. That includes a minimum or at least a 21-day consideration period. Now, the employee doesn’t have to take the full 21 days to consider it but the employer has to offer it. They also have to include a 7-day revocation period which means if the employee signs on day 1 and changes their mind on day 5, they have that period of time to reconsider and change their mind. Often with the severance agreement, when you sign it, you’ve given up your rights to challenge the termination or the end of your employment. So giving you that 7 days gives you a period of time to consider whether or not you really want to waive these rights.

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