Illinois 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)

The Illinois Compensation Program for Officers and Certain Key Management Personnel (COMP) is a government initiative aimed at establishing fair and equitable compensation structures for top officials and key personnel in various agencies and organizations within the state of Illinois. The program ensures that the salaries, bonuses, allowances, and other forms of remuneration provided to individuals in these positions are determined based on specific criteria and are in line with industry standards. Attachments: 1. COMP Guidelines: This document outlines the framework and guidelines for implementing the compensation program. It provides detailed instructions on the process of evaluating job positions, determining appropriate salary levels, and calculating bonuses and allowances. 2. Position Evaluation Form: The position evaluation form is used to assess the responsibilities, qualifications, and experience required for each job position. This helps in determining the appropriate salary range and ensuring consistency across similar roles. 3. Compensation Benchmarking Data: This attachment contains relevant industry compensation data for officers and key management personnel across various sectors in Illinois. It includes information on average salaries, bonuses, and benefits provided in comparable roles, enabling accurate benchmarking. 4. Performance Evaluation Criteria: The performance evaluation criteria attachment outlines the factors considered when assessing an individual's performance in their respective role. This includes evaluating their achievements, goals, leadership capabilities, and contribution to the overall success of the agency or organization. 5. Compensation Review Request Form: This form allows employees or their supervisors to request a review of their compensation package if they believe it does not align with the guidelines set forth by the COMP. It helps facilitate a fair and transparent process for addressing any discrepancies or concerns. Types of Illinois Compensation Programs for Officers and Certain Key Management Personnel: 1. COMP for State Government Agencies: This type of program specifically caters to officers and key management personnel employed by state government agencies, such as the Department of Transportation, Department of Education, or Department of Health. The guidelines and attachments are tailored to meet the unique requirements and job responsibilities within these agencies. 2. COMP for Municipalities: Designed for officers and key personnel in municipal government bodies, this program focuses on providing compensation structures that ensure fairness and attract talented individuals to lead and manage local government affairs effectively. 3. COMP for Public Corporations: Public corporations, such as public transportation authorities, utility companies, or healthcare organizations, have their own compensation program under COMP. This program ensures that executive and senior management salaries and benefits are in line with industry standards and transparently determined. 4. COMP for Educational Institutions: This version of the program caters to officers and key management personnel in Illinois' educational institutions, such as colleges and universities. It recognizes the unique nature of the education sector and accommodates the specific needs of faculty, administrators, and other key personnel. In conclusion, the Illinois Compensation Program for Officers and Certain Key Management Personnel is a comprehensive framework that ensures fair and transparent compensation structures for top officials and key personnel across various sectors in the state. The program provides guidelines, attachments, and different variations to best suit the needs of different agencies and organizations throughout Illinois.