Neither the California Labor Code nor the federal Fair Labor Standards Act require employers to offer severance agreements to departing employees. Instead, severance agreements are provided by employers to accomplish a specific goal.
Extension of Benefits Under Rule of 70 To be eligible to retire, you must be at least age 55 with 10 years of service or age 65. Years of service for the “Rule of 70” eligibility purposes, means total years of employment from date of hire to date of termination.