The company that I am working for is currently downsizing and the branch that I am working for is being consolidated. I just received notice that my position has been terminated. In the termination, they had stated that I will be receiving a 60 day notice and 4 weeks severence pay. I was also informed that If I find Employment in the same industry, My severance and 60 day notice pay will not be allowed.

Can they really take the pay away if I find work in the same field?

Also, Are they allowed to pay me in two week incriments or do they have to pay it all at once?

Thank you in advance for your help.

Certainly they can do so. Why would notice pay continue when you quit for another job? And why would they pay your severance if you aren't unemployed?

They can pay the severance pay at any frequency they choose; the law does not address this situation.

This is completely up to company policy.