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I see the point of the bank but I don't agree with it. Likely there is a lot of proprietary software constructed for this bank and not documented very well. I'm guessing they want to be able to ask what was going on when so and so wrote this or why is this section in here etc. etc. or maybe they're going to migrate to different software and need help.

But tough toodles for them. I would have took that severance agreement straight to a lawyer.

My former employer kept places a 20 page "intellectual property agreement" on my desk. It made the company owner of any intellectual property that I ever produce and extended the control over heirs and assigns. I put in in my briefcase and ignored it. Another copy appeared. I stashed every copy for weeks. After 3 months, a general notice was issued that the "agreement" was illegal and unenforceable. I never signed any of the copies that we endlessly dumped on my desk.

Returning to the topic of the thread, the practice of forcing employees to train replacements on pain of not getting a severance is pretty common. If you refuse and the company terminates you, you qualify for unemployment. If agree to the servitude and severance, you've just executed a voluntary quit and the employer has no obligation with respect to unemployment compensation. If you don't do as agreed, the severance payments stop and you have no recourse.

If you have time on the books, go on vacation. You'll collect more money and retain benefits vs taking a lump sum with a higher withholding rate and an immediate termination of benefits. Use the "vacation" time to find another job. Assuming you land one, issue your two week notice and go away.