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The only significance in calling it a layoff rather than a termination is how it potentially affects any unvested 401k matching or pension benefits from your employer. Certain employers have policies which provide that these unvested benefits are forfeited in the case of termination, whereas not forifeted in the case of a "layoff," which implies no fault on the part of the employee. Whether the distinction between "layoff" and "termination" matters for you in this regard depends entirely on how any 401k or pension vesting agreement is worded.
Aside from this potential significance, a "layoff" and "termination" are the exact same thing. The law does not care what your employer calls it.
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