2. Understand the conditions of your severance package
If you are offered severance, it is key to know the following:
• Do you get a lump sum or salary over a fixed period, and are there benefits of one option versus the other?
• When does your health insurance move to COBRA? (There are new rules governing the program)
• What are the deadlines for signing the agreement or signing up for various benefits?
• Will your employer negotiate any additional benefits such as a longer severance package, or will they pay for outplacement and career services?
• Was your termination integrated into an early retirement package? If so, what are the financial implications of that?