Employment at will is a legal doctrine that gives employers the right to hire, fire, suspend, or discipline employees at their discretion, as long as these actions do not violate any laws or contracts.
The separation of service refers to the action of an employee severing their connection with an employer, which may occur through resignation, termination, retirement, or layoff.
The requirement for employers to report annually to the U.S. Treasury Department the names of employees who terminated employment with vested benefits, and the associated amount of these benefits. This information is also shared with the Social Security Administration (SSA) and made available to the employees upon request.
Termination benefits refer to those additional perks an employee receives when their employment ends at the employer's behest, including voluntary redundancy scenarios treated as employer-initiated terminations.
