An Employer's Guide to Severance Plans

This page features information on the following topics regarding severance plans:

• Overview 
• 
  
• Should You Adopt a Formal Severance Plan or Policy? 
• 
  
• Considerations in Adopting Your Severance Plan 
• 
  
• ERISA Considerations
•  
• Additional Information 

 

Overview 

Severance plans are generally designed to provide financial support to employees who lose their 

jobs through no fault of their own. Benefits offered through a plan can help the employee weather

 the period of unemployment following a termination or layoff, and to some extent compensate the 

employee for the loss of seniority and other privileges or rights the employee may have enjoyed in 

his or her position.

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