If we are offered one of the new jobs but we don't like the pay and decline we're out the package? Is that the understanding?
Basically my options are just take the package which is minimum 13 weeks of pay and 3 months of cobra or risk being offered a job that is twice the responsibility with pay that doesn't reflect the stress and headache coming and if I decline it I'm screwed
You can interview for any job. If it is not something you want because of pay or location, etc., you don’t have to take it. The severance package is there until you accept the offer and sign off on it.
Not necessarily, if the pay is less than a certain percentage (in some states) and you decline your severance should still be good.
Correct. If you apply and are offered a position but decline it, the severance package is eliminated.