South Carolina 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)

Title: South Carolina Compensation Program for Officers and Certain Key Management Personnel Introduction: The South Carolina Compensation Program for Officers and Certain Key Management Personnel (SCP) is a specialized program aimed at attracting and retaining qualified individuals for key leadership positions within state agencies and departments. This comprehensive program ensures competitive compensation packages for officers and key management personnel, enabling them to contribute effectively to the growth and development of South Carolina. In this article, we will discuss the various types of SCPs along with their attachments and highlight their significance. Types of South Carolina Compensation Programs for Officers and Certain Key Management Personnel: 1. Tiered Compensation Program: The Tiered Compensation Program is designed to provide competitive and fair compensation to officers and key management personnel based on their job responsibilities, experience, and qualifications. It offers multiple tiers, each corresponding to a specific level of responsibility and managerial scope. By offering attractive salaries, bonuses, and benefits, this program aims to attract and retain skilled leaders, ensuring consistency in governance and efficient decision-making throughout state departments and agencies. 2. Performance-Based Incentive Program: The Performance-Based Incentive Program under the SCP provides a financial incentive to officers and selected key management personnel based on their individual or team performance. This program aims to promote excellence, innovation, and exemplary leadership within state agencies and departments while rewarding outstanding contributions. Attachments to this program may include performance evaluation metrics, reward systems, and guidelines for program implementation. 3. Long-Term Incentive Program: The Long-Term Incentive Program is designed to encourage the long-term commitment and loyalty of officers and key management personnel. It includes options such as employee stock ownership plans (ESOP), deferred compensation plans, and retirement benefits tailored specifically for this group. These attachments provide financial security and help attract experienced professionals who can provide stability and continuity in the leadership of South Carolina agencies and departments. 4. Professional Development and Training Programs: To maintain a highly skilled and competent workforce, the SCP offers various professional development and training programs for officers and key management personnel. These programs focus on enhancing leadership abilities, honing management skills, and staying updated with the latest industry trends and best practices. Attachments for these programs can include information on training schedules, resources, and certification opportunities. Attachments: The SCP may include several attachments to provide detailed information to officers and key management personnel. Some common attachments associated with the different compensation programs can include the following: 1. Compensation Structure Chart: A comprehensive chart outlining the salary ranges, bonus structures, and benefits associated with each tier or level within the SCP. 2. Performance Evaluation Metrics: Detailed evaluation criteria and metrics used to assess the performance of eligible individuals or teams for the Performance-Based Incentive Program. 3. Long-Term Incentive Plan Documents: Documents explaining the terms, conditions, and benefits associated with long-term incentive plans such as Sops or deferred compensation plans. 4. Training Program Catalog: An overview of the professional development and training opportunities available to officers and key management personnel, including details such as program descriptions, eligibility criteria, and registration procedures. Conclusion: The South Carolina Compensation Program for Officers and Certain Key Management Personnel offers a range of programs and attachments to attract, retain, and reward skilled leaders within state agencies and departments. By providing competitive compensation packages, performance incentives, long-term benefits, and opportunities for professional growth, South Carolina ensures strong leadership, effective decision-making, and continued progress.