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.
Eligibility for Retiree Health and Life Insurance Benefits Rule of 70: the employee's age plus years of continuous, full-time service equal 70 or more, and the employee is at least age 55, with at least ten years of continuous, full-time service.
While severance agreements are generally binding upon signature, their enforceability is not immune to challenge. However, employees faced with signing such agreements should approach them with awareness of their rights and seek legal counsel if they suspect terms are unfair or unlawful before signing.
If you are under the age of 40 or if you are over 40 but it has been more than 7 days, the agreement can be invalidated if your employer committed fraud or deception, or made a misrepresentation to you in order to get you to sign the agreement. The agreement may also be unenforceable if you signed it under duress.
Indeed, there are some cases where the release of claims in a severance agreement might not stop you from suing. For example, if the agreement was signed under duress—such as if you were pressured to sign that agreement under unfair conditions—it might not be enforceable.
In California, severance agreements are legally binding contracts. Depending on how the agreement is structured, signing it may not always be in your best interests. Learn what to consider before signing your severance package and how a California employment law attorney can help you protect your rights.