Severance Pay Question

I am 16 years in and an E6 who is on the Order of Merit List for E7 however I will be separated within the next month and some change. I have always heard of those who are E5 with a promotable status get "promoted" on the last day of service and receive their severance pay based on the E6 pay. Does this work the same with those who are on an Order of Merit List as well?