GOVERNMENT SEVERANCE PAY ACT

Creates the Government Severance Pay Act. Provides that a unit of government that enters into a contract or employment agreement, or renewal or renegotiation of an existing contract or employment agreement, that contains a provision for severance pay with an officer, agent, employee, or contractor must include specified provisions in the contract. Provides that nothing in the Act creates an entitlement to severance pay in the absence of its contractual authorization or as otherwise authorized by law. Defines terms.