On March 4, 2025, the New York Senate passed Senate Bill S372 (the “No Severance Ultimatums Act” or “S372”). If enacted, S372 would add a new section to the New York Labor Law requiring New York employers to provide for a 21-business day review period and a seven-day revocation period in all severance agreements. Currently, similar protections are afforded to employees who are over the age of 40 pursuant to the Older Workers Benefit Protection Act (OWBPA), which amends the Age Discrimination in Employment Act (ADEA). Similar protections are also available to New York employees who enter into agreements settling claims of discrimination, harassment, or retaliation, but only if the agreement contains a non-disclosure provision relating to those claims.
Specific Requirements Under Consideration
Under the terms of S372, any severance agreement offered to an employee or former employee will need to:
- contain a notice advising the employee of their right to consult an attorney regarding the agreement;
- provide at least 21 business days for review of the agreement; and,
- acknowledge a seven-day period within which the employee may revoke the agreement.
On December 23, 2024, President Biden signed two bills intended to ease the burden of reporting under the Affordable Care Act (“ACA”) for health plan sponsors and health insurance providers. The new laws also give employers more time to respond to proposed penalty assessments for ACA coverage failures, and establish a statute of limitations for the IRS to make such assessments.
A month into the Trump presidency, there have been a number of important statements from the executive branch on the regulation of executive compensation impacting the financial services industry. On February 3, 2017, President Trump issued a statement on the core principles for regulating the U.S. financial system (“Core Principles”). The statement requires the Treasury and all heads of member agencies of the Financial Stability Oversight Council to report within 120 days (by June 3, 2017) all existing laws, treaties, guidance, regulations, etc., that promote the Core ...
Blog Editors
Recent Updates
- DOJ Announces Initiative to Expand FCA Enforcement Into Alleged Discrimination
- Video: New Executive Order Targets Disparate Impact Claims Nationwide - Employment Law This Week
- EEOC Opens 2024 EEO-1 Reporting and the Deadline to File is Weeks Away
- Maryland Delays Start of Paid Family and Medical Leave Program
- Video: How Modern Workplaces Navigate Generational Shifts: One-on-One with Jeff Landes