I’m a Finance Director and got laid off yesterday due to restructure and position elimination. I got moved under a new manager in February and he seemed to have an issue working with women (not the point but thought I’d mention here). I was given a separation agreement to be signed stating one time payments for severance, pro rata bonus, and coverage for insurance. Is there anything else I need covered in my agreement before I sign it? Any feedback from professional experiences you can offer?

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You can ask for a reference, no contest to unemployment, mutual non- disparagement, outplacement assistance…

I highly suggest you have an attorney review the agreement.

likesmart

Thanks, both. Really helpful but yes! total bullshit signing on the spot. I have outplacement services and not to exceed 3 months. Would a longer time period be reasonable?

I reiterate the insurance piece, I would ask them to cover you til year end. It could take you awhile to get a new job and cobra is $$$. Honestly ask for your full years bonus and let them say no… in my experience, if they’re making you sign an agreement to keep quiet / not sue, they’re trying to bury something (sexism or what have you)…

Were you placed on a performance plan? Is there anywhere internal they could move you? I’d ask the question before you just sign this away

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If you’ve been at the company long term and have had strong performance, I would push to see if the can find a spot for you elsewhere in the company. It doesn’t hurt to ask the question.

“I really appreciate the severance offer that’s been outlined but I was wondering if there was an internal role that would be a good fit for my skills. I really enjoy working here and would love to stay if I can.”

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Be clear on your 401K.

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What do you mean? Any money she has put in is hers. And depending on if she’s fully vested or not some or all of the company contributions will be hers as well.

How long are you working for this company?
It matters

And since you're still on payroll 6 months, you could ask for that to be considered your last day. Date of separation negotiations are also pretty common

Health insurance. Do they offer Cobra where you are? And how long will your previous employer pay for it before you have to pay for it or find other health, dental and vision?

You should ask them to pay your cobra premiums vs. give you a lump sum. All lump sums are taxed at about 40% when you consider both state and local taxes, so what you net will be what’s left to pay your premiums.

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