Age Discrimination in Employment Waiver Protection Act of 1988

Age Discrimination in Employment Waiver Protection Act of 1988 - Amends the Age Discrimination in Employment Act of 1967 (the Act) to prohibit an individual from waiving any right under the Act without the supervision of the Equal Employment Opportunity Commission (EEOC) or a court, except in settlement of a bona fide claim alleging a certain kind of prohibited age discrimination.

Allows an individual who makes a bona fide claim arising from an early retirement incentive or other employment termination program that involves an offer of enhanced benefits to a group or class of individuals to settle the claim in accordance with specified conditions, but only if represented by counsel and the consideration received for settlement is additional to the enhanced benefit.

Allows a settlement of a bona fide claim to occur only if the settlement is knowing and voluntary and only if: (1) a settlement agreement applicable to such claim is in writing and specifically refers to rights or claims arising under the Act; (2) the agreement does not waive rights or claims that may arise after the date the agreement is entered into; (3) the rights or claims are waived in exchange for consideration other than benefits to which the individual already is entitled; (4) the individual is given a reasonable period of time which to consider the agreement; and (5) the individual is advised in writing to consult an attorney prior to entering into the agreement.

Defines "bona fide claim," for such purposes, as: (1) a charge of age discrimination filed with the EEOC; or (2) a specific allegation of age discrimination communicated in writing by the individual or the individual's representative directly to the employer, employment agency, or their representatives.

Directs the EEOC, on January 1, 1990, to issue a rule or interpretative regulation relating to the prohibition against discrimination on the basis of age in early retirement incentive or other employment termination programs that involve an offer of enhanced benefits to a group or class of individuals.

Provides that, effective upon the enactment of this Act, a specified rule on waivers issued by the EEOC shall have no force and effect.