Release is not irrevocable, read the packet. It clearly states that if you sign and later decide to sue, ConocoPhillips will seek to recover severance monies paid. So if lawsuit award potentially greater than your severance, the severance will be subtracted from any settlement/award, review with your lawyer.
11 replies (most recent on top)
yes I got mine, but I was laid off in 2009.....
60 days + 7 days --
GENERAL RELEASE OF LIABILITY --
To receive supplemental or educational benefits,
you must sign a General Release of Liability and
send it to the Plan Administrator or your Human
Resources representative by the 60th calendar
day after your date of layoff.
• If the 60th calendar day is a scheduled company
holiday, the Release must be received by the
next business day.
• A faxed copy of the Release will be accepted,
as long as it is followed by the original signed
Release.
The Release is revocable during the seven-day
period after you sign it. After seven days, it’s
irrevocable, and you can’t change your mind.
You won’t be able to receive payments for
supplemental or educational benefits until the
seven-day period has passed. (But I would be very concerned with waiting until the last day to send the release. The risk of a tax bracket could result in a loss of the enhanced severance altogether. I sent the form quickly and called quickly to confirm receipt of the form.)
I am waiting until the last days of the 60 day period to fax the paperwork back (12/29). It says in the paperwork you can fax back and then follow up with sending the actual papers back. I was hoping that payroll would get backed up and enough people would be on vacation that the check wouldn't be cut until 2016. You may be pushed into another tax bracket if you get the check in 2015.
I am waiting until the last days of the 60 day period to fax the paperwork back (12/29). It says in the paperwork you can fax back and then follow up with sending the actual papers back. I was hoping that payroll would get backed up and enough people would be on vacation that the check wouldn't be cut until 2016. You may be pushed into another tax bracket if you get the check in 2015.
And have you returned the attached form with signature. Otherwise you wait 60 days for the standard severance. Read the severance package.
Got my package and final pay (vacation,etc.) this week too.
Got the package with the release forms yesterday. UPS
I got mine in May. Still have a bunch left.
I got yours yesterday
Yes