Signature Needed for Retention Package?

From: MM002 2/3/10

This "retention package" is designed to pay you as little as possible. At the same time, it's designed to save Toyota's rear end. Do you really think they are doing it for your own good?

Someone brought up something about having to sign away any rights to sue the company in order to get your "retention" package. The issue brought up was that it was cheaper for the company to shut you up with some money than risk a lawsuit. With severance packages or retention packages, you have to sign the contract before the money is released to you. In the fine print of the contract, it includes wording that keeps you from suing the company if you sign. That is something worth considering as this money from our "retention package" will not last very long.

There are many things to consider before signing papers for a large sum of money. You need time to do so. Usually, you are given a few days to a few weeks to decide. If you are 40+ years of age, you must be given 21 days to consider the package. It's a federal law. If you have a legal case against the company, you need to talk with an attorney before signing the papers. If you are over 40, it will be very difficult to find a job and get health insurance. If you suffer from some ailment because of something you were exposed to here at this factory; that alone, will wipe out your finances in the future and will leave you destitute. Then what? Where will the money come from?

Read more on this FAQ and talk to your lawyer:
http://labor-employment-law.lawyers.com/human-resources-law/FAQ-Severance-Agreements.html