Title: Sacramento California Compensation Program for Officers and Key Management Personnel Explained Introduction: The Sacramento California Compensation Program is a comprehensive framework designed to provide competitive and fair compensation for officers and key management personnel serving in various roles within the city administration. This program aims to attract, retain, and motivate highly skilled individuals who play a crucial role in the effective functioning and development of the Sacramento community. Attachments containing additional details on the specific types of compensation programs offered to officers and key management personnel can be found below. 1. Base Salary: The base salary is the fundamental component of the compensation package and serves as the starting point for determining overall remuneration. It reflects the level of responsibility, experience, and expertise required for each position. It is reviewed periodically considering market trends, internal equity, and budgetary constraints. 2. Allowances and Benefits: In addition to the base salary, the Sacramento California Compensation Program provides a range of allowances and benefits. These may include housing allowances, transportation allowances, health insurance, retirement plans, and other fringe benefits. These offerings are designed to enhance the overall compensation package and support employees’ financial security and well-being. 3. Performance-Based Incentives: To recognize exceptional performance, the compensation program includes performance-based incentives. These monetary rewards are intended to motivate and reward officers and key management personnel who exceed performance expectations. The criteria for evaluating performance may include individual accomplishments, teamwork, meeting predetermined objectives, or contributing to city-wide initiatives. 4. Long-Term Incentives: To encourage long-term commitment and loyalty, the program may offer long-term incentives to officers and key management personnel. These incentives often take the form of deferred compensation plans, stock options, or pension plans, providing additional financial security and fostering retention among talented individuals. 5. Specialized Compensation Programs: In certain cases, Sacramento may also provide specialized compensation programs to target specific groups of officers or key management personnel. These programs could include targeted incentives for difficult-to-fill positions, high-demand skill sets, or positions requiring unique expertise. They are intended to attract and retain individuals with exceptional qualifications in critical positions. Attachments: 1. Attachment A: Detailed Overview of Sacramento California Compensation Program — This document provides additional information about the various components of the compensation program, including the base salary structure, allowances, benefits, and performance-based incentives. 2. Attachment B: Long-Term Incentives Program — This attachment outlines the long-term incentives offered to officers and key management personnel, including deferred compensation plans, stock options, and pension programs. It also provides eligibility criteria and details on the vesting and withdrawal policies. 3. Attachment C: Specialized Compensation Programs — This attachment highlights any unique programs designed for specific positions or skill sets. It provides an overview of the objectives, eligibility criteria, and additional benefits associated with these programs. Conclusion: The Sacramento California Compensation Program for Officers and Key Management Personnel is a robust framework designed to attract and retain top talent, provide competitive compensation, and reward exceptional performance. By offering a comprehensive range of compensation elements and programs, the city aims to ensure that its officers and key management personnel are well-rewarded, motivated, and committed to serving the community effectively.
Sacramento California Compensation Program for Officers and Certain Key Management Personnel with attachments
State:
Multi-State
County:
Sacramento
Control #:
US-CC-20-297D
Format:
Word;
Rich Text
Instant download
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: Sacramento California Compensation Program for Officers and Key Management Personnel Explained Introduction: The Sacramento California Compensation Program is a comprehensive framework designed to provide competitive and fair compensation for officers and key management personnel serving in various roles within the city administration. This program aims to attract, retain, and motivate highly skilled individuals who play a crucial role in the effective functioning and development of the Sacramento community. Attachments containing additional details on the specific types of compensation programs offered to officers and key management personnel can be found below. 1. Base Salary: The base salary is the fundamental component of the compensation package and serves as the starting point for determining overall remuneration. It reflects the level of responsibility, experience, and expertise required for each position. It is reviewed periodically considering market trends, internal equity, and budgetary constraints. 2. Allowances and Benefits: In addition to the base salary, the Sacramento California Compensation Program provides a range of allowances and benefits. These may include housing allowances, transportation allowances, health insurance, retirement plans, and other fringe benefits. These offerings are designed to enhance the overall compensation package and support employees’ financial security and well-being. 3. Performance-Based Incentives: To recognize exceptional performance, the compensation program includes performance-based incentives. These monetary rewards are intended to motivate and reward officers and key management personnel who exceed performance expectations. The criteria for evaluating performance may include individual accomplishments, teamwork, meeting predetermined objectives, or contributing to city-wide initiatives. 4. Long-Term Incentives: To encourage long-term commitment and loyalty, the program may offer long-term incentives to officers and key management personnel. These incentives often take the form of deferred compensation plans, stock options, or pension plans, providing additional financial security and fostering retention among talented individuals. 5. Specialized Compensation Programs: In certain cases, Sacramento may also provide specialized compensation programs to target specific groups of officers or key management personnel. These programs could include targeted incentives for difficult-to-fill positions, high-demand skill sets, or positions requiring unique expertise. They are intended to attract and retain individuals with exceptional qualifications in critical positions. Attachments: 1. Attachment A: Detailed Overview of Sacramento California Compensation Program — This document provides additional information about the various components of the compensation program, including the base salary structure, allowances, benefits, and performance-based incentives. 2. Attachment B: Long-Term Incentives Program — This attachment outlines the long-term incentives offered to officers and key management personnel, including deferred compensation plans, stock options, and pension programs. It also provides eligibility criteria and details on the vesting and withdrawal policies. 3. Attachment C: Specialized Compensation Programs — This attachment highlights any unique programs designed for specific positions or skill sets. It provides an overview of the objectives, eligibility criteria, and additional benefits associated with these programs. Conclusion: The Sacramento California Compensation Program for Officers and Key Management Personnel is a robust framework designed to attract and retain top talent, provide competitive compensation, and reward exceptional performance. By offering a comprehensive range of compensation elements and programs, the city aims to ensure that its officers and key management personnel are well-rewarded, motivated, and committed to serving the community effectively.
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