Maricopa Arizona Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Maricopa
• 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) The Maricopa Arizona Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system designed to attract, retain, and reward talented individuals in positions of leadership within the city of Maricopa, Arizona. This program recognizes the importance of these individuals in effectively managing and overseeing the operations of various departments while ensuring the city's mission and vision are achieved. 1. Base Compensation: The Maricopa Arizona Compensation Program offers a competitive base salary, which serves as the foundation for officers and certain key management personnel. This base salary is determined based on factors such as job responsibilities, qualifications, experience, and market trends. 2. Performance-Based Incentives: In addition to base compensation, the program incorporates performance-based incentives to motivate and reward outstanding performance. These incentives are linked to key performance indicators, such as achieving departmental goals, improving operational efficiency, or enhancing the quality of services provided. 3. Long-Term Incentives: The Compensation Program may also include long-term incentives to align the interests of officers and key management personnel with the long-term success of the city. These may include stock options, restricted stock units, or other equity-based incentives. 4. Benefits and Perks: The program includes a comprehensive benefits package designed to support the well-being of officers and key management personnel. This may include health insurance, retirement plans, paid time off, professional development opportunities, and other employee benefits. Attachments: 1. Maricopa Arizona Compensation Program Overview: This document provides a detailed explanation of the program's structure, guiding principles, and objectives. It outlines the key components and eligibility criteria, giving officers and key management personnel a comprehensive understanding of how the program works. 2. Job Descriptions: Attached are job descriptions for different officer and key management roles within the city of Maricopa, Arizona. These descriptions outline the responsibilities, required qualifications, and expected outcomes for each position. They help individuals understand the role they are applying for and the compensation program associated with it. 3. Performance Evaluation Framework: This attachment outlines the performance evaluation criteria and process used to assess the performance of officers and key management personnel. It provides clear expectations and metrics for measuring success, which directly impact the incentives offered under the compensation program. 4. Sample Employment Contract: A sample employment contract is included, which highlights the compensation program's terms and conditions specific to officers and key management personnel. This contract provides a legally binding agreement between the individual and the city of Maricopa, ensuring transparency and clarity regarding compensation. In summary, the Maricopa Arizona Compensation Program for Officers and Certain Key Management Personnel is a comprehensive and competitive system that rewards excellence, drives performance, and promotes employee engagement. It ensures that the city of Maricopa attracts and retains top talent to effectively manage and lead various departments, ultimately contributing to the city's overall success.

The Maricopa Arizona Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system designed to attract, retain, and reward talented individuals in positions of leadership within the city of Maricopa, Arizona. This program recognizes the importance of these individuals in effectively managing and overseeing the operations of various departments while ensuring the city's mission and vision are achieved. 1. Base Compensation: The Maricopa Arizona Compensation Program offers a competitive base salary, which serves as the foundation for officers and certain key management personnel. This base salary is determined based on factors such as job responsibilities, qualifications, experience, and market trends. 2. Performance-Based Incentives: In addition to base compensation, the program incorporates performance-based incentives to motivate and reward outstanding performance. These incentives are linked to key performance indicators, such as achieving departmental goals, improving operational efficiency, or enhancing the quality of services provided. 3. Long-Term Incentives: The Compensation Program may also include long-term incentives to align the interests of officers and key management personnel with the long-term success of the city. These may include stock options, restricted stock units, or other equity-based incentives. 4. Benefits and Perks: The program includes a comprehensive benefits package designed to support the well-being of officers and key management personnel. This may include health insurance, retirement plans, paid time off, professional development opportunities, and other employee benefits. Attachments: 1. Maricopa Arizona Compensation Program Overview: This document provides a detailed explanation of the program's structure, guiding principles, and objectives. It outlines the key components and eligibility criteria, giving officers and key management personnel a comprehensive understanding of how the program works. 2. Job Descriptions: Attached are job descriptions for different officer and key management roles within the city of Maricopa, Arizona. These descriptions outline the responsibilities, required qualifications, and expected outcomes for each position. They help individuals understand the role they are applying for and the compensation program associated with it. 3. Performance Evaluation Framework: This attachment outlines the performance evaluation criteria and process used to assess the performance of officers and key management personnel. It provides clear expectations and metrics for measuring success, which directly impact the incentives offered under the compensation program. 4. Sample Employment Contract: A sample employment contract is included, which highlights the compensation program's terms and conditions specific to officers and key management personnel. This contract provides a legally binding agreement between the individual and the city of Maricopa, ensuring transparency and clarity regarding compensation. In summary, the Maricopa Arizona Compensation Program for Officers and Certain Key Management Personnel is a comprehensive and competitive system that rewards excellence, drives performance, and promotes employee engagement. It ensures that the city of Maricopa attracts and retains top talent to effectively manage and lead various departments, ultimately contributing to the city's overall success.