Retirement advice for my dad

[latarpley]

What is the name of your state? TN
My father is retiring from his company with more than 50 years of service. He is a buyer and has multiple contacts across the country. Despite my fathers age he still works over 40 hours per week and excels in his abilities. New management has come and the work place is not suiting him. I do not believe there is age discrimination or any other problems. They have told him that when he retires they will give him five weeks severence and allow the purchase of the company vehicle at wholesale. He does not have a no compete agreement to my knowlege and I have advised him not to sign anything when he retires. I am afraid they will try to limit him working from home as he intends to do. His contacts span over two generations of families and he has two other companies that want him to work for them from his home. Does he need legal advice before retirement? Is there such a thing as a normal retirement package? This is a major corporation here in the States. I would like some guidance so I can relay the information to my mom.

 

[loku]

If they offer him a retirement package that he is not otherwise entitled to, they can require him to come up with consideration for the package. A non compete agreement would be such compensation. However, some states do not allow such contracts. You should find out whether TN is such a state.

 

[zappy]

this is a perfect time to screw your father....

Let him fuk up, just once and he's fired with no severence.

He should NOT taake any days off of work or any reason. He probably will be harassed.

And he should NEVER buy the company truck. When he retires he takes Nothing, its too easy to try and screw him over.

If he gives his 2 weeks notice EXPECT the company to fire him on the spot. And be suprised if they dont.

or what about his pension? does he have one, or is it based on him making it to 50 years?

they will try and fuk him over. hey its better to be paranoid until the day he gives back his keys and card and is no longer an employee.

He may just have to walk away from the 5 weeks severence in exchange for him to compete from home.

 

[latarpley]

I feel stupid replying to such banter, but here it goes.

My dad wants the vehicle since he will pay 500 under wholesale. It has been kept in perfect shape by him with the unlimited expense account. The expensive Rolex that was given last year on his 50th anniversary shows they do appreciate him. He works his own schedule. Because of his age he had a total cash payout/rollover of his 401K so it has been in his control for over 5 years.
But enough. I do not believe anyone is out to screw anybody. Just wanted advice to protect his future income, because they may feel his work at home could compromise their business.

Guess I answered my own question. A lawyer should look over any paperwork before signing anynew paperwork and maybe he should request his lawyer look over his personnel file to be sure he has not signed anything in the past.

Thanks Zappy- reading your paranoid rant cleared my mind.

 

[zappy]

You're welcome.....i only say that because:

>>>>> New management has come and the work place is not suiting him<<<<<<<<<<

What ever arringments he had with the old Managment has NO bearing on what the new managemnt says...they could fuk him over good.....

The ONLY thing that matters is: what does your father have in writing, anything else could be tossed in the garbage.

Good Luck!


>>>PS. Tell pops that by being greedy, it just might cost him FAR FAR more money then if he just walks away with nothing. No severence, no car, but he can start competeing as soon as he retires.

And MOST of all tell pops to KEEP HIS MOUTH SHUT, about his retirement plans.