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Utilizing Settlement and Severance Packages

Understand key issues to address in a settlement or severance agreement to avoid litigation and that will benefit both the employer and the departing employee.Employers, large and small, are dealing with more frequent changes in their employee populations than ever before. In this environment employers will want to consider utilizing settlement or severance packages to ensure that the exit of an employee (or employees) is smooth for both the employer and employee. Many employers do not know the key issues to address in a settlement or severance agreement, or how to structure severance payments in a way that will benefit both the employer and departing employee. This topic will help you identify the key situations where settlement or severance agreements are most useful, what the key issues to address in such agreements are, and how to draft such agreements to benefit both the employer and departing employee. This content will also address the key tax and regulatory issues that companies should be aware of when considering the use of settlement or severance agreements. Many of the issues involving settlement or severance agreements are often overlooked at the time of drafting because such issues are typically triggered later on, well after the separation of employment has occurred. This topic will be important for all employers to protect their business interests, and to avoid tax and other regulatory liabilities associated with different structures of settlement or severance pay.


Runtime: 84 minutes
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Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

When to Use Settlement/Severance Agreements

  • Involuntary Terminations
  • Performance-Related Terminations
  • Resignations
  • Layoffs
  • Potential M&A Situations With Change of Controls Triggers
  • New-Hires (Addressing Severance Agreement at the Outset of Employment)

Key Clauses and Provisions – Tools to Control the Separation

  • Protecting the Employer – Release of Claims
  • Confidentiality Requirements
  • Restrictive Covenants and/or Non-Compete Provisions
  • Nondisparagement Clauses
  • Indemnification Clauses

Compensation and Structuring the Severance Agreement

  • Current vs. Deferred Compensation
  • Health Benefits
  • Misc. Benefits – e.g. Outplacement Benefits, Relocation Benefits
  • Tax Issues Related to Different Compensation Structures (e.g. IRC Section 409A)
  • Tax Issues Related to Change in Control Situations
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 21, 2017.

Call 1-866-352-9540 for further credit information.

  • GA CLE 1.4
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.4 CLE hours.
     
  • HR Certification Institute 1.5
     
  • This E-Learning program has been approved for 1.5 recertification credit hours toward general recertification through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
     
  • SHRM 1.25
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.25 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org
     
  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
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  • MA CPE
     
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  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 1.5
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.5 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

  • Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Charles A. Bruder, Esq.

Charles A. Bruder, Esq.

Norris, McLaughlin & Marcus, P.A.

  • Member of Norris, McLaughlin & Marcus, P.A.
  • Focuses practice in the areas of ERISA, Executive Compensation and Taxation
  • Drawing upon his years of experience in counseling both institutional and individual clients, he is co-chair of the firm’s Executive Compensation & Employee Benefits Group
  • Possessing a wealth of experience in all aspects of employee benefits arrangements, he frequently provides counsel to both for-profit and not-for-profit entities regarding numerous employee benefit and retirement benefit arrangements
  • Regularly involved with issues involving defined contribution and defined benefit pension plans, Code Section 403(b) plans, multiemployer pension plans, ESOPs, and other equity-based and incentive compensation arrangements
David T. Harmon

David T. Harmon

Norris, McLaughlin & Marcus, P.A.

  • Co-chair of Norris, McLaughlin & Marcus, P.A.’s Executive Compensation & Employee Benefits Group
  • Represents senior-level employees of both public and private companies in the negotiation of their employment packages and all associated agreements, whether at the commencement of the employment relationship through offer letters and employment agreements or at termination through severance agreements
  • Successful negotiation of employment and severance packages for clients includes employment and post-employment compensation, confidentiality, noncompete, nonsolicitation, and garden leave covenants, the Protocol for Broker Recruiting, change of control provisions, and benefits and protections within the structures and strategies for those packages
  • Representation also includes providing advice and counsel to employers in the negotiation of employment and severance packages with their employees, the design of human resources compliance programs, including employee policy manuals, and counseling and training concerning implementation of those policies
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Product ID: 399406
Published 2017
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