Severance and unemployment, do they overlap? after 16 years as an operations analyst

I was offered severance of 16 weeks after being let go as an operations analyst and I am unsure how it affects benefits. I have been trying to stay organised about it. The agreement mentions a release and a payment schedule. Did you file straight away?

Before signing, I asked a friend who is a lawyer to look at the agreement. It was a short conversation and worth it.