Remember the days when the term “golden parachute” was bandied about in the employment law context far more than seems to be the case these days?
The term was — and still is, of course, in select cases — synonymous with severance agreements, with many people instantly tying it to attractive benefits kicking in upon an employee’s workplace departure.
As an employee in Massachusetts or elsewhere, should you seek to capture some of those golden-parachute benefits in a negotiated severance agreement with your employer?
Maybe you know intuitively that such a thing would be ridiculous, given your employer and position. Perhaps, though, your personal work-related factors make thinking about a negotiated severance pact a logical proposition.
The short answer to the above query is, of course, that it all depends on your job description, skill set, the industry you work in and other singular factors.
And if you did seek to negotiate such an agreement, what would you ask for?
Again, that would vary from case to case, obviously, although a core set of “must have ” or “definitely want” items might immediately come to mind in most cases.
As we note in an article on our website at the Boston-based law firm The Employee Rights Group, LLC, those might centrally include these benefits:
- Employer-paid medical insurance for a stated period following departure (e.g., one year)
- Retention of all unvested financial interests until they vest (e.g., stock options and company 401(k) matches)
- Payment of all bonuses and unused vacation time
- Free job-placement assistance
A proven employment law attorney can provide advice on severance benefits and agreement drafting to any person who is thinking about a severance package or actively negotiating one.