Looking for a Tampa Labor & Employment Lawyer to Assist You With Your Employment Separation Agreements?
What is an Employment Separation Agreement?
- Most Separation Agreements are simply a signed agreement between employee and employer where the company is laying out terms to the employee to pay some form of monetary or severance compensation to the employee in the event of an involuntary employment termination.
Separation agreements can define and solidify an exit strategy where both parties are in agreement. This helps to avoid certain unnecessary conflict upon termination of employment between the employee and employer. A separation agreement is sometimes integrated into an employment contract defining certain terms described below.
Separation agreements are not necessary or mandatory but many employers use them in certain situations. If your company already offers a severance package, it isn’t always necessary to sign an agreement.
- An employment attorney in Tampa Bay can help ensure that if the employee does sign an agreement, it provides more than any severance payment the worker was already entitled to. An experienced lawyer can also help you to determine if your severance package is; Fair; Offers Appropriate Compensation for the Industry You are In; Abides by Federal and Local Laws. Executives often most in need of an employment lawyer in Tampa who can ensure that the separation agreement is in their best interest, and who can give the proper legal advice as to whether to sign.
Terms of an Employment Separation Agreement
- The rights of the employee to consult a labor and employment attorney, or attorney of their choice
Confidentiality requirements regarding the terms of the agreement
- The enforceability of the agreement and any applicable federal or state laws and release of any claims
- Finally, and perhaps most importantly, a severance package, bonuses, benefits or payments, taxes as well as terms and schedule of payments
Are There Laws Regarding Employment Separation Agreements in Florida
When a separation agreement is offered to employees by their employers, and the employee is over the age of 40, the agreement must contain certain legally required disclosures under the Older Workers Benefits Protection Act (OWBPA). For a release to be valid under the OWBPA as to any claim of age discrimination, the agreement must let the employee know that he or she should consult with an attorney, that the employee has a certain period of time (usually either 21 or 45 days) to consider the agreement, that the employee can rescind (or cancel) the agreement within seven days and that the employee may still file a Charge of Discrimination with the U.S. Equal Employment Opportunity Commission (but will not be able to recover damages).