20-221D 20-221D . . . Stock Bonus Plan Board of Directors has authority to determine which key employees shall be awarded stock bonuses, amounts of bonuses, number of shares of common stock to be awarded, and all other terms and provisions of each bonus. Bonus awards are based on attainment of specified types and combinations of performance measurement criteria, which may differ as to various employees
North Carolina Executive Bonus Plan
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US-CC-20-221D
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Agencies can use these funds to address turnover, equity, and compression, and to adjust salaries to better compete for and retain talent. Retention Bonuses: Provides bonuses in FY 2023-24 to all state employees and state-funded local employees regardless of funding source.
The North Carolina state budget provides for a base salary increase of 4% for SHRA and EHRA employees in 2023. Information about the implementation of the legislative salary increase is below.
A 4% pay raise in 2023 and a 3% raise in 2024 for most state employees, including non-certified school personnel, community college, and UNC employees. A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024.
The bonus will be paid in two equal installments, the first in October 2023 to employees continuously employed since July 1, 2023, and the second in April 2024 to employees continuously employed since October 1, 2023.
An Executive Bonus Plan, also referred to as Section 162 Plan, is a non-qualified plan used by employers to provide special compensation to key executives. The employers' contribution to an executive bonus plan is considered salary to the executive and is therefore subject to taxation.
The budget includes: A 4% pay raise in 2023 and a 3% raise in 2024 for most state employees, including non-certified school personnel, community college, and UNC employees. A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024.
The NC 457 Plan is an eligible defined contribution plan under Section 457(b) of the Internal Revenue Code. The NC 401(k) Plan and the NC 457 Plan are single plans that are sponsored by the State of North Carolina and that have over 1,100 participating employers.
For the second time in as many years, the state will pay a one-time supplement to benefit recipients who retired on or before Oct. 1, 2023, and are members of the Teachers' and State Employees' Retirement System (TSERS), Consolidated Judicial Retirement System (CJRS) and the Legislative Retirement System (LRS).
