Make sure you talk to a employment lawyer first! Strongly suggest you read this article.
http://www.nolo.com/legal-encyclopedia/sign-release-when-lose-job-33597.html
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In a RIF situation there are very few things that would qualify as illegal. They can pretty much reduce whichever positions they want/need to purge. It's always good to consult with an attorney before signing, but don't hold your breath expecting to have any leverage.
Very good point and information! Thank You! This is my 3rd time getting hit with a layoff with this company.
What is an employment lawyer?
Issues to Consider If You're Asked to Sign a Release
If your employer asks you to sign a release, you might feel a lot of pressure to sign right away -- especially if you have to sign in order to get your severance pay. But before you put your name on the dotted line, ask yourself these questions:
What are you giving up?
A release asks you to give up your right to sue, and you should know what that right is worth before you agree to waive it. Do you have any potential legal claims arising out of your employment? (For help figuring this out, check out Nolo's other articles on Employee Rights.) What about possible wrongful termination claims? (For information on wrongful termination, see Nolo's articles on Losing or Leaving Your Job.) If you have questions about legal claims against your employer, a quick consultation with an employment lawyer might help you figure things out.
What are you getting?
A release has to give you something in exchange for your agreement not to sue -- something that you aren't already entitled to receive. If company policy already promises you a week of severance pay for every year with the company, you must receive more in exchange for the release. Similarly, the company can't hold up something you've already earned until you sign. If, for example, your state law requires employers to pay out unused vacation, your employer can't force you to sign a release in order to get the money for the vacation time.
Do you understand the release?
Often, releases are written by the company's lawyers, which means they might include plenty of legalese and boilerplate language. They also might include terms that you aren't entirely comfortable with, such as a confidentiality clause or a noncompete agreement attempting to limit who you can go work for. If you don't understand what you're getting, what you're giving up, and what else you're agreeing to, or you want to know whether you might be able to negotiate something better, talk to an employment lawyer.
Will you have a chance to change your mind?
If your employer is asking you to waive the right to sue over age discrimination claims under the Age Discrimination in Employment Act (ADEA), you are legally entitled to 21 days to consider the release before signing it -- and another seven days after you sign to change your mind and revoke the agreement. Some employers give everyone a chance to consider the agreement and revoke it after signing, just to make sure that a court doesn't later find the employee was coerced into signing. If you aren't being asked to waive age discrimination claims and the agreement doesn't include a revocation clause, you will be bound by the release once you sign it, unless you can prove that it is illegal or invalid.
Do you need more information?
If you don't fully understand what you're being asked to sign or what legal claims you may have against the company, we strongly suggest that you talk to a lawyer before signing. Although it's possible to overturn a signed release, it can be very difficult. The better course of action is to make sure you know what you're giving up before you sign a release.