Louisiana 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) Louisiana Compensation Program for Officers and Certain Key Management Personnel: A Comprehensive Overview Keywords: Louisiana, compensation program, officers, key management personnel, Louisiana Revised Statute, benefits, attachments, types. Introduction: The Louisiana Compensation Program for Officers and Certain Key Management Personnel is a state-specific initiative designed to establish fair and transparent compensation packages for officers and key management personnel serving in various organizations across Louisiana. The program aims to attract and retain top talent, drive performance, and ensure the effective management of public resources. This detailed description provides an in-depth look at the program along with relevant attachments highlighting its various components. Overview: Enacted in accordance with Louisiana Revised Statute §39:1601, the Louisiana Compensation Program governs the compensation and benefits provided to officers and certain key management personnel. The program recognizes the critical roles played by these individuals in ensuring efficient and effective operation of public bodies and aims to maintain competitive compensation structures. Types of Louisiana Compensation Program: 1. Officer Compensation Program: The Officer Compensation Program covers officers holding executive-level positions in public entities, such as agency heads, department directors, and executive directors. It ensures that these officers receive compensation packages commensurate with their responsibilities, experience, and performance. 2. Key Management Personnel Compensation Program: The Key Management Personnel Compensation Program caters to key management personnel across various public bodies. This includes individuals responsible for strategic decision-making, directing operations, and managing significant budgets or resources. The program establishes guidelines for compensating these key personnel. Attachments: 1. Program Guidelines: This attachment provides a comprehensive overview of the compensation program, including eligibility criteria, compensation structures, performance evaluation methods, and procedures for salary adjustments or bonuses. The guidelines outline the principles and factors considered when determining appropriate compensation levels. 2. Sample Compensation Packages: An attachment featuring sample compensation packages provides illustrative examples of how the program benefits officers and key management personnel. These packages include base salary, performance-based bonuses, allowances, retirement benefits, and other potential perks. 3. Performance Evaluation and Rewards Framework: This attachment outlines the performance evaluation process for officers and key management personnel. It highlights the metrics used to assess performance, linking it to compensation outcomes and rewards. The framework emphasizes merit-based pay adjustments and incentives tied to achieving predetermined goals and targets. 4. Comparability Analysis: To ensure competitiveness, this attachment highlights the results of a comparability analysis undertaken to benchmark Louisiana's compensation program against similar programs in comparable states or private sector organizations. The analysis provides insights into how the program aligns with regional and industry standards. Conclusion: The Louisiana Compensation Program for Officers and Certain Key Management Personnel is designed to attract and retain skilled individuals and motivate performance through a fair, transparent, and merit-based compensation framework. These attachments provide a foundation for understanding the program's guidelines, sample compensation packages, performance evaluation framework, and comparability analysis, ensuring effective implementation and administration.

Louisiana Compensation Program for Officers and Certain Key Management Personnel: A Comprehensive Overview Keywords: Louisiana, compensation program, officers, key management personnel, Louisiana Revised Statute, benefits, attachments, types. Introduction: The Louisiana Compensation Program for Officers and Certain Key Management Personnel is a state-specific initiative designed to establish fair and transparent compensation packages for officers and key management personnel serving in various organizations across Louisiana. The program aims to attract and retain top talent, drive performance, and ensure the effective management of public resources. This detailed description provides an in-depth look at the program along with relevant attachments highlighting its various components. Overview: Enacted in accordance with Louisiana Revised Statute §39:1601, the Louisiana Compensation Program governs the compensation and benefits provided to officers and certain key management personnel. The program recognizes the critical roles played by these individuals in ensuring efficient and effective operation of public bodies and aims to maintain competitive compensation structures. Types of Louisiana Compensation Program: 1. Officer Compensation Program: The Officer Compensation Program covers officers holding executive-level positions in public entities, such as agency heads, department directors, and executive directors. It ensures that these officers receive compensation packages commensurate with their responsibilities, experience, and performance. 2. Key Management Personnel Compensation Program: The Key Management Personnel Compensation Program caters to key management personnel across various public bodies. This includes individuals responsible for strategic decision-making, directing operations, and managing significant budgets or resources. The program establishes guidelines for compensating these key personnel. Attachments: 1. Program Guidelines: This attachment provides a comprehensive overview of the compensation program, including eligibility criteria, compensation structures, performance evaluation methods, and procedures for salary adjustments or bonuses. The guidelines outline the principles and factors considered when determining appropriate compensation levels. 2. Sample Compensation Packages: An attachment featuring sample compensation packages provides illustrative examples of how the program benefits officers and key management personnel. These packages include base salary, performance-based bonuses, allowances, retirement benefits, and other potential perks. 3. Performance Evaluation and Rewards Framework: This attachment outlines the performance evaluation process for officers and key management personnel. It highlights the metrics used to assess performance, linking it to compensation outcomes and rewards. The framework emphasizes merit-based pay adjustments and incentives tied to achieving predetermined goals and targets. 4. Comparability Analysis: To ensure competitiveness, this attachment highlights the results of a comparability analysis undertaken to benchmark Louisiana's compensation program against similar programs in comparable states or private sector organizations. The analysis provides insights into how the program aligns with regional and industry standards. Conclusion: The Louisiana Compensation Program for Officers and Certain Key Management Personnel is designed to attract and retain skilled individuals and motivate performance through a fair, transparent, and merit-based compensation framework. These attachments provide a foundation for understanding the program's guidelines, sample compensation packages, performance evaluation framework, and comparability analysis, ensuring effective implementation and administration.