There is an Older Workers Benefits Protection Act (OWBPA) where employees over age 40 are entitled to a 21-day review period and seven-day revocation period for severance agreements.
Would that begin once you get your formalized walking papers? How can there be a deadline to accept the buy-out and its "approximate" info if this is a federal law?
@12q correct. With mass layoffs, it's tough to prove a case and they know that & use that to full their advantage each round
Whenever they do mass layoffs the age discrimination stuff doesn’t usually come into play because they say you are one among many and as long as the many include young, white, etc it’s hard to prove a case. Also lawyers usually can sniff a bad case a mile away so trust folks who turn you down
Not coming from a legal background but I believe that is in place to combat age discrimination. Even though they are calling the opt-in “severance,” it is considered a voluntary resignation so I’m not sure that it would apply, especially since this is contingent upon you agreeing to come back to an office. Everyone who is involved in Phase 2 is more or less on an even playing field.
The form says you are encouraged to carefully consider the offer and consult with legal and financial advisers before indicating intent to accept the offer. What are you even paying to have a lawyer review if there are no concrete details of the offer.
@a8 so how does that square when it comes to the upcoming deadline to decide to opt in and the verbiage about forfeiting employment at Paramount? The language they use doesn't seem to indicate they are fielding interest. It sounds definitive.
So if someone aged 40 and over opts in now, get the final papers, they can then change their mind within 7 days and revoke their initial decision without penalty?
Under the Older Workers Benefit Protection Act (OWBPA), the 21-day review period and 7-day revocation period begin only after you receive the final written severance agreement, not during an earlier phase where the company may present approximate terms or ask you to indicate interest in a buyout. Companies often structure these programs in two steps: first, an election window with estimated details and a deadline to participate, and second, the formal agreement itself. While they can set deadlines for the initial election, they cannot override your federal rights once the actual agreement is provided, you are still legally entitled to the full 21 days to review it and 7 days to revoke after signing.