A Voluntary Severance Agreement is utilized when an employer and employee mutually agree to end their employment relationship with additional benefits beyond final wages. This document is crucial in situations such as corporate restructuring, downsizing, or amicable separations. The agreement typically includes severance pay, benefits continuation, release of claims, and confidentiality provisions. In the United States, these agreements must comply with federal regulations such as ADEA, ERISA, and state-specific requirements. Special attention must be given to employees over 40, who are protected by the Older Workers Benefit Protection Act, requiring specific review periods and disclosures.
Voluntary Severance Agreement for the United States
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Key Requirements PROMPT example:
Voluntary Severance Agreement
"I need a Voluntary Severance Agreement for a senior software engineer who is being offered 6 months' salary as severance, with an effective date of March 1, 2025, and I need to include non-compete provisions due to our proprietary technology."
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1. Parties: Identification of employer and employee, including full legal names and addresses
2. Background: Context of the separation and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Separation Date: Clear statement of employment termination date
5. Severance Payment: Amount, timing, and method of severance payment
6. General Release: Employee's release of claims against employer
7. Confidentiality: Terms regarding confidential information and trade secrets
8. Return of Company Property: Requirements for returning company assets
9. Governing Law: Jurisdiction and applicable law
1. Non-Compete: Restrictions on future employment in competitive markets
2. Non-Solicitation: Restrictions on soliciting employees or customers to protect client relationships and workforce
3. Outplacement Services: Career transition assistance provisions
4. Reference Provision: Terms regarding future employment references and agreed communication approach
5. COBRA Continuation: Healthcare coverage continuation details and terms
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Company Property List: Itemized list of company property to be returned
3. Schedule C - Benefits Summary: Summary of continued benefits and their duration
4. Appendix 1 - ADEA Disclosure: Required age discrimination disclosure for employees over 40
5. Appendix 2 - State-Specific Notices: Required state-specific legal notices and disclosures
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