Layoff notice, what does the 60 days mean? (update)

Our team was told about a closure date that is 16 weeks away. Any experience at all would help. They offered a retention bonus for people who stay. Has anyone been through this?

Write down key dates and keep copies of the notice. Mine helped when a question came up later.

I stayed for the retention bonus and looked for work on the side. It cushioned the gap.