Company Restructure/Severance Pay

The company I work for has recently restructured and as a result, my position was eliminated. I have been offered a different position with no reduction in pay but a different role with more obligation to financial results. The climate in the company is very fragile as we've seen a lot of change in the past 2 years with the downturn in the economy. I do not want the position they are offering but they are insisting on "working" with me to make it more enticing by changing the territory to suit my needs. I still do not want this position but there are no other options getting paid the same as I do now. Are they obligated to pay me severance? I will have been with this corporation for 17 years in July. I have been promoted almost every 2 years I have been with the company and always recieve above average reviews. I fear they will force me to stay by not offering me any severance. The repercussions to the market could be substantial (emotionally for the employees that would no longer be reporting to me) and I worry that they are fully aware of that. Please, any opinion in this matter would help.