Mutual Release and Termination Agreement

HR in CA

My company uses a mutual release and termination agreement, it basically states if the employee agrees to the elements in the document the employee will receive a certain amount of severance pay. My question is that when employees are over 40 instead of the 21 days to revoke the agreement, doesn't it give those blessed to be over 40, 45 days rather than 21? Does anyone out there have any experience with this type of document.

Shadowfax

For an effective waiver of a cause of action for age dscrmntn, it is 21 days to consider and 7 days to change their mind. If there is a group of employees being released via an exit incentive plan, then the time goes up to 45 days.

MarilynR

Our company has also termed several 'over 40' employees and we have a 45 day waiting period. We have a special term agreement that they must sign (written by our attorney). Haven't had any problems with it.

HR in CA

Thanks so much for your information. I just needed to know I was on the right track and you gave me the peace of mind that I was. And by the way, peace of mind is priceless! Thanks again!

Beckie Caskey