California Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-297D
• Format: Word; Rich Text

Description

20-297D 20-297D . . . Compensation Program for Officers and Certain Key Management Personnel which is administered by Chief Executive Officer with approval of Compensation Committee. Participants receive variable compensation tied directly to achievement of key corporate-wide objectives. Participants fall within either Band A, Band B, or Band C depending on nature of their positions and their impact on corporation. Opportunities for variable compensation awards vary depending upon which "Band" participant falls into. Awards can range from 12.5% to 75% of base salaries. Plan provides that awards will not be paid unless earnings, after subtracting variable compensation, are greater than dividends paid in year for which variable compensation is to be awarded. Awards are paid in cash, stock grants and restricted stock (no transferability during first five years after grant and forfeiture of stock upon termination of employment, except for retirement, death or disability, during first years after grant) Title: California Compensation Program for Officers and Certain Key Management Personnel Description: The California Compensation Program for Officers and Certain Key Management Personnel (CCP) is a comprehensive program designed to provide fair and competitive compensation to officers and key managers in the state. This program encompasses various components that aim to attract and retain highly skilled professionals and ensure their skills are appropriately valued. Keywords: California Compensation Program, Officers, Key Management Personnel, attachments Key Components of the California Compensation Program for Officers and Certain Key Management Personnel: 1. Salary Structure: The CCP offers competitive salary structures for officers and key management personnel based on their position, duties, responsibilities, and market standards. It provides a range of salary levels, ensuring that compensation aligns with the market value and reflects the employees' expertise and experience. 2. Performance-Based Incentives: To incentivize high performance and reward exceptional achievements, the CCP offers performance-based incentives. These incentives are designed to motivate officers and key management personnel to go above and beyond in their roles, contributing to the success of their respective departments or organizations. 3. Health and Welfare Benefits: The CCP includes a comprehensive package of health and welfare benefits for officers and key management personnel. These benefits cover medical, dental, vision, and life insurance plans, as well as retirement plans, disability benefits, and flexible spending accounts. These provisions are aimed at ensuring the well-being and long-term security of personnel within the program. 4. Allowances and Additional Compensation: Certain officers and key management personnel may be eligible for additional allowances and compensation based on specific circumstances or roles. These may include relocation assistance, housing subsidies, retention bonuses, special duty pay, or other applicable allowances to attract and retain talented individuals. Attachments: 1. CCP Salary Structure: This document outlines the salary levels and ranges for officers and key management personnel within the CCP. It provides detailed information on how compensation is determined based on position, responsibilities, and experience. 2. Performance-Based Incentive Program Guidelines: This attachment describes the guidelines and criteria for qualifying and receiving performance-based incentives. It outlines the goals, performance metrics, and the mechanism for evaluating and rewarding outstanding performance. 3. Health and Welfare Benefits Summary: This document provides a comprehensive summary of the health and welfare benefits offered to officers and key management personnel enrolled in the CCP. It includes details about medical, dental, vision coverage, retirement plans, and other relevant benefits with clear explanations of eligibility criteria and coverage options. 4. Special Allowances and Additional Compensation: This attachment highlights the special allowances and additional compensation available to officers and key management personnel under specific circumstances. It provides detailed information on each allowance or compensation type, eligibility requirements, and how to apply or qualify for these benefits. Note: While the California Compensation Program for Officers and Certain Key Management Personnel may have different variations or sub-programs depending on the specific department or organization, the common goal remains to attract and retain talented individuals by offering competitive compensation and benefits packages.

Title: California Compensation Program for Officers and Certain Key Management Personnel Description: The California Compensation Program for Officers and Certain Key Management Personnel (CCP) is a comprehensive program designed to provide fair and competitive compensation to officers and key managers in the state. This program encompasses various components that aim to attract and retain highly skilled professionals and ensure their skills are appropriately valued. Keywords: California Compensation Program, Officers, Key Management Personnel, attachments Key Components of the California Compensation Program for Officers and Certain Key Management Personnel: 1. Salary Structure: The CCP offers competitive salary structures for officers and key management personnel based on their position, duties, responsibilities, and market standards. It provides a range of salary levels, ensuring that compensation aligns with the market value and reflects the employees' expertise and experience. 2. Performance-Based Incentives: To incentivize high performance and reward exceptional achievements, the CCP offers performance-based incentives. These incentives are designed to motivate officers and key management personnel to go above and beyond in their roles, contributing to the success of their respective departments or organizations. 3. Health and Welfare Benefits: The CCP includes a comprehensive package of health and welfare benefits for officers and key management personnel. These benefits cover medical, dental, vision, and life insurance plans, as well as retirement plans, disability benefits, and flexible spending accounts. These provisions are aimed at ensuring the well-being and long-term security of personnel within the program. 4. Allowances and Additional Compensation: Certain officers and key management personnel may be eligible for additional allowances and compensation based on specific circumstances or roles. These may include relocation assistance, housing subsidies, retention bonuses, special duty pay, or other applicable allowances to attract and retain talented individuals. Attachments: 1. CCP Salary Structure: This document outlines the salary levels and ranges for officers and key management personnel within the CCP. It provides detailed information on how compensation is determined based on position, responsibilities, and experience. 2. Performance-Based Incentive Program Guidelines: This attachment describes the guidelines and criteria for qualifying and receiving performance-based incentives. It outlines the goals, performance metrics, and the mechanism for evaluating and rewarding outstanding performance. 3. Health and Welfare Benefits Summary: This document provides a comprehensive summary of the health and welfare benefits offered to officers and key management personnel enrolled in the CCP. It includes details about medical, dental, vision coverage, retirement plans, and other relevant benefits with clear explanations of eligibility criteria and coverage options. 4. Special Allowances and Additional Compensation: This attachment highlights the special allowances and additional compensation available to officers and key management personnel under specific circumstances. It provides detailed information on each allowance or compensation type, eligibility requirements, and how to apply or qualify for these benefits. Note: While the California Compensation Program for Officers and Certain Key Management Personnel may have different variations or sub-programs depending on the specific department or organization, the common goal remains to attract and retain talented individuals by offering competitive compensation and benefits packages.