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Primer on Severance Plans Under ERISA and the Tax Code
Verrill Dana LLPLink to more items from this source
June 29, 2021

"The [DOL] has created a safe harbor rule for severance plans under which an arrangement providing for the payment of severance benefits on account of termination of employment will be treated as a severance plan and not a pension plan, provided [certain critera are satisfied] ... Employers may have additional responsibilities when maintaining a severance program subject to ERISA but there are advantages.... Certain bona fide severance arrangements that provide separation pay upon an involuntary termination of employment or pursuant to a window program are excluded from Code Section 409A."

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