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Infolawyer, Lawyer
Category: Employment Law
Satisfied Customers: 53577
Experience:  Licensed attorney helping employers and employees.
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I have a deferred comp plan with my employer and I will be

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I have a deferred comp plan with my employer and I will be vested at year end . I'm also retiring at year end, but I am concerned my employer will release me prior to that. I've been with them 30 years in a management capacity and have access to proprietary information . Are they obligated to me on any way to keep me and meet their obligation on the retirement at hear end?

INFOLAWYER : Hello and thank you for the question. I am sorry to read of this dilemma.
INFOLAWYER : You have a couple of ways of approaching this
INFOLAWYER : First, under their policy you are likely not fully vested but largely vested
INFOLAWYER : so an attempt to terminate early would not lead to a total loss
INFOLAWYER : If they terminate you at this point, they would be exposing themselves to claims
INFOLAWYER : including acting in bad faith and age discrimination claims
INFOLAWYER : which can be pursued in federal, state and through labor board complaint
INFOLAWYER : For these reasons, I would not be especially concerned
INFOLAWYER : and if they hint at doing so, a lawyer engaging them by letter initially will often get them to reconsider
INFOLAWYER : Please let me know if that is clear or if I can clarify anything
INFOLAWYER : Are you there?
Customer: Would they be obligated to pay me a severance if they chose to remove me prior to the retirement date I have given?
INFOLAWYER : That depends on a couple of things
INFOLAWYER : 1. if they have a policy, practice or contract under which they have done so.
INFOLAWYER : 2. if they feel exposed to a claim for age discrimination
INFOLAWYER : If the answer is yes to either, you would be in a good position for it!
INFOLAWYER : Given such long tenure, it is highly common
INFOLAWYER : The amount is often negotiated.
INFOLAWYER : based on tenure, claims available, reasons surrounding departure, any further assistance/consulting they may want etc etc.
INFOLAWYER : Is the answer clear and acceptable?
Customer: Yes. Thank you
INFOLAWYER : Kindly rate the answer with an excellent rating
INFOLAWYER : that is how I get credit for it by the site.
INFOLAWYER : If especially content, you may then leave a bonus.
INFOLAWYER : Enjoy the weekend
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