http://www.recessionwire.com/2009/05/14/fairly-legal-severance-101/ The upside of the downturn Fri, 03 Feb 2012 18:42:12 +0000 hourly 1 http://wordpress.org/?v=3.0.2 http://www.recessionwire.com/2009/05/14/fairly-legal-severance-101/comment-page-1/#comment-3517 Richard Iversen Mon, 08 Mar 2010 21:34:34 +0000 http://www.recessionwire.com/?p=5470#comment-3517 Can a company that has fired its CEO and presented the CEO with a severance package, change the severance package in light of new and negative discovery about the CEO? Can a company that has fired its CEO and presented the CEO with a severance package, change the severance package in light of new and negative discovery about the CEO?

]]> http://www.recessionwire.com/2009/05/14/fairly-legal-severance-101/comment-page-1/#comment-3084 April Sat, 14 Nov 2009 04:36:04 +0000 http://www.recessionwire.com/?p=5470#comment-3084 I need to know if it is legal to offer a severance and the offer is signed by both parties, and then after making one severance payment (based on severance being paid off over 4 weeks) and skipping two payments and then receiving a letter stating "due to economic hardship that the severance agreement will no longer be honored. I need to know if it is legal to offer a severance and the offer is signed by both parties, and then after making one severance payment (based on severance being paid off over 4 weeks) and skipping two payments and then receiving a letter stating “due to economic hardship that the severance agreement will no longer be honored.

]]> http://www.recessionwire.com/2009/05/14/fairly-legal-severance-101/comment-page-1/#comment-1439 Laurie Phillips Thu, 14 May 2009 19:04:02 +0000 http://www.recessionwire.com/?p=5470#comment-1439 I've seen a very large financial services company - tops in their industry - quietly cut their severance plan dramatically. They "announced" the changes on the HR web site, so no one saw it. But a 10+ year employee who was getting nervous was shocked to find out the plan had been decimated. What was supposed to be 3 months base plus another month per year beyond 5 had been reduced to a flat 2 months. So it's not just companies that have weak severance plans to start: you also have to watch what is happening to traditionally generous plans. I’ve seen a very large financial services company – tops in their industry – quietly cut their severance plan dramatically. They “announced” the changes on the HR web site, so no one saw it. But a 10+ year employee who was getting nervous was shocked to find out the plan had been decimated. What was supposed to be 3 months base plus another month per year beyond 5 had been reduced to a flat 2 months. So it’s not just companies that have weak severance plans to start: you also have to watch what is happening to traditionally generous plans.

]]>