Can they place me in a much lower position and if I decline lose severance and unemployment?

My company has decided to close my branch. Currently there are no AVP branch manager positions available in California, but they are offering me a sales position with a lower title and different job duties but equal base pay. They tell me that by law they are allowed to do so as long as the job pays the same and it's within a certain mile radius. From my house to the current location is 13.9 going north, from my house to the new location is 15.1 miles going south, but considering traffic flow it would keep me on the road so much longer. Also the bonus structure is not the same for the 2 positions. They tell me if I decline I could potentially lose my severance and unemployment. Your help is much appreciated as I can't seem to find clear info from the labor department. Thank you