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)
Connecticut Compensation Program for Officers and Certain Key Management Personnel with attachments
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Compensating Your Key Employees The success of your business most likely depends on a small group of key employees. Retaining them is vitally important. The most common and effective ways to do this include stock options and other forms of additional ? and often deferred ? compensation.
Highest-paid employees The highest-paid state employee in 2022 was former University of Connecticut basketball coach Kevin Ollie, who received a special payment of $11.15 million after arbitration in a long-running dispute with the university.
EFFECTIVE JULY 1, 2023: Cost of Living Adjustment (COLA): a. Salary Plan Adjustments: As a result of the Cost of Living Adjustment (COLA), the minimum and maximum rates of the EX, MP, MD, SE, HE, and DM range pay plans, and the rates in the CJ- EX pay plan shall be increased by 2.5% effective July 1, 2023.
Employees like first responders, health care professionals and congregate setting workers considered higher risk will receive bonuses of between $250 and $2,834, depending on how many hours they worked between March of 2020 and March of 2021.