MI HB6433

Requires covered employers closing or conducting mass layoffs at establishments with 20+ employees earning $2 million+ in annual compensation to pay severance at 1 week's pay per year of employment, plus partial pay for partial years.

Defines eligible employees as those continuously employed for at least 1 year who were not discharged for cause and did not accept relocation to another employer facility.

Requires covered employers to notify the department at least 90 days before closing or relocating a covered establishment, and as far in advance as practicable (but not less than 90 days) before mass layoffs.

Establishes civil penalties of up to $1,000 per violation for failure to pay severance and up to $5,000 per violation for failure to display required workplace posters; allows employees to pursue civil action for unpaid severance plus 4 weeks additional pay, with a 6-year statute of limitations.

Specifies that severance obligations are not eliminated by bankruptcy filings and that unemployment benefits do not reduce severance owed; requires department to promulgate implementation rules within 90 days of enactment.