Severance pay and discontinued service retirement

I’m trying to understand the ramifications of a RIF and my options if/when one happens. I’m 53 with 30 years service. Assuming I’m not offered another position, would I be offered discontinued service retirement or severance pay (I know I’m making an assumption that it would actually be done correctly). A co-worker in a similar situation to me said he was told that he could take severance and deferred retirement, but that didn’t sound right. Just looking for clarification.