In This Issue:
- Obama Administration Postpones Health Care Reporting and Penalties Until 2015
- Severance Agreements: What Are They Good For?
- Excerpt from Severance Agreements: What Are They Good For?
Employers frequently use severance agreements when terminating an employee or when an employee resigns with the hopes of reducing potential liability. In our practice, we often advise employers to offer severance pay that is memorialized in an agreement containing a general release, covenant not to sue and often indicates that the employee is resigning. Since an employee has no legal entitlement to severance pay, the majority of the time, he or she accepts the offer and typically the employer does not hear anything else from the employee. However, this is not the case with all employees and it is imperative employers understand the benefits and downsides to severance agreements and how the EEOC and Virginia Unemployment Commission view these agreements.
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