20-279 20-279 . . . Incentive Bonus Plan under which committee of Board of Directors annually awards bonuses to employees of corporation and its subsidiaries and affiliates based on positions of individual employees within corporation and corporation's return on equity for that fiscal year. The target bonus for each fiscal year consists of participant's base compensation for such fiscal year multiplied by target bonus percentage as determined by committee. The earned bonus for each participant equals 100% of his target bonus if corporation achieves 13% return on equity for such fiscal year. If corporation achieves more or less than 13% return on equity, percentage of target bonus is increased or decreased accordingly. The amount of annual bonus is paid in cash, except that for junior and senior executives, 30% of such award is payable in shares of restricted common stock
Utah Restated Employee Annual Incentive Bonus Plan with attachments
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More videos on YouTube Put the employee bonus plan in writing. ... Base the bonus on results that are measurable or quantifiable. ... Give incentives to employees to meet goals. ... Be clear on the WHAT, the WHY, and the HOW. ... Make sure everybody gets something. ... Make the financial reward a strong enough incentive.
Generally, most bonus and incentive programs are not subject to ERISA. This includes payments made by an employer as a bonus for work performed. However, if the bonus plan is deferred until the employee leaves the company, retires, or provides retirement income, the plan may fall under the guidelines of ERISA.
Start at the Top ?Talk about what kind of behavior you want to reward," Coates said. ?Make sure you're rewarding behaviors that will help your business financially and that will be positive for your clients as well." Leaders also need to discuss which employees will be eligible for incentive compensation.
An employee bonus plan provides compensation beyond annual salary to employees as an incentive or reward for reaching certain predetermined individual or team goals. The purpose of bonus plans is to provide recognition for employees who go above and beyond normal work obligations.
This is a document that can be signed by an individual employee, or multiple employees. An Employee Bonus Plan is one way of incentivizing and rewarding hard work on the part of your employees; this document gives you flexibility in administering the bonus.