I see language in the agreement about losing severance if I accept a role at CVS during the notice period or during the sev period after last day of employment in December. I can understand that clause.
What if I get a job now or sometime before end of severance payments? Does that cancel their obligation? I'm not seeing it but please call me out if I missed it in the documents. I'm sure I got what is a boilerplate severance agreement btw. TY
No you dont...job placement services is your choice to use or not...they dont make you use it.
But you would still need tvoparticate in their job placement services in order to keep the severance .
Mine is on Page 8 under "Severance Pay" section. Definition of "Employer" is CVS or it's affiliates.
For the ones who said that a new external job before separation date does cancel severance - where in the agreement is that??
Just to clarify separation date is not the same as severance period.
The separation date is what is legally required by the warn act even if you are sitting at home.
Severance is beyond that. If you get a new role before separation date then you’re technically quitting since you are still considered a full time employee.
If you are in severance period you are NOT a full time employee and welcome to work wherever and keep the severance since it technically is a “here’s don’t sue us money”
I spoke with HR this week and they said we cannot accept an offer externally until our separation date to avoid disruption in severance. I spoke to colleague relations and HR to the same because the language was confusing.
Accepting another position with the company that laid you off is like going back to your ex wife after she cheated on you.
If you leave the company prior to your official severance start date, you forfeit it. If you receive an internal offer between now and the end of your severance end date and decline it, you forfeit it or the remaining balance of it if it’s after severance has started but before it has ended, so don’t apply for any internal jobs you don’t intend to accept if you receive an offer. If you receive an offer externally and it doesn’t interfere with your last scheduled day of work, then you can enjoy your severance and your new salary concurrently.
A “boilerplate” severance agreement just means that you got the same package as everyone else dependent on whatever pre-established criteria they set, namely years of service. In other words, you’re not getting anything better or worse than the next guy.
You are correct in your reading that there is no clause to stop your severance or benefits if you start working for a non-CVS company. If you had option grants there may be a non-compete clause, but there is a time limit on that restriction and a pending Federal rule against non-competes.
I’m pretty sure as long as it’s external (not a CVS health owned company) you get to “double dip”.