Texas 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)

Texas Compensation Program for Officers and Certain Key Management Personnel Overview: The Texas Compensation Program for Officers and Certain Key Management Personnel is a comprehensive program aimed at providing fair and competitive compensation packages for key individuals serving in executive roles within the state's public sector. It is designed to attract and retain top talent, ensuring the effective management and operation of vital government agencies and organizations. Key Features: 1. Competitive Salaries: The program offers competitive salary structures to officers and key management personnel, commensurate with their experience, expertise, and responsibilities. It takes into account market rates, comparable positions in public and private sectors, and relevant industry standards. 2. Performance-Based Incentives: To incentivize high performance and exceptional contributions, the program includes performance-based bonuses and incentives. These rewards are tied to predetermined performance metrics, such as meeting organizational goals, achieving targets, or enhancing efficiency. 3. Comprehensive Benefits: Alongside competitive salaries, officers and key management personnel are eligible for a range of comprehensive benefits. These may include health insurance, retirement plans, paid time-off, disability coverage, and assistance programs. 4. Professional Development Opportunities: The program emphasizes continuous professional development by offering training initiatives, leadership programs, and educational opportunities. These enable participants to enhance their skills, stay updated with emerging trends, and effectively tackle the challenges of their roles. 5. Transparent Evaluation and Compensation Review: The compensation program ensures transparency through regular evaluations and reviews. It incorporates objective performance assessments and utilizes external consultants' expertise to ensure fair and impartial evaluations. Attachments: — Texas Compensation Program Handbook: This detailed document provides an in-depth overview of the program, including its goals, eligibility criteria, compensation components, and procedures for evaluation and review. It acts as a comprehensive guide for officers and key management personnel. — Sample Performance Metrics and Incentives: This attachment outlines specific performance metrics and associated incentive structures that are used to measure and reward exceptional achievements within the Texas Compensation Program. It serves as a reference for participants to understand how their performance will be evaluated and what rewards they may expect. — Benefits Package Summary: This attachment provides a concise summary of the comprehensive benefits package available to officers and key management personnel under the Texas Compensation Program. It includes details of health insurance plans, retirement options, paid time-off policies, and other relevant benefits. Types of Texas Compensation Programs: 1. Governor's Compensation Program: This program specifically caters to officers and key management personnel within the Governor's office and associated agencies. It ensures that top-level executives serving in these roles receive competitive compensation packages. 2. Department of Public Safety Compensation Program: This program focuses on providing fair and attractive compensation to officers and key management personnel working within the Texas Department of Public Safety. It recognizes the critical nature of their responsibilities in ensuring public safety and security. 3. State University Compensation Program: To attract capable individuals to leadership positions in state universities, this program offers competitive compensation packages to officers and key management personnel. It aims to uphold the quality of education and administrative functions within these institutions. 4. Health and Human Services Commission Compensation Program: This program is aimed at officers and key management personnel serving in various roles within the Texas Health and Human Services Commission. It recognizes the importance of these individuals in addressing public health issues and ensuring the delivery of essential services. Please note that the attachments and specific types of compensation programs mentioned above are examples and may vary depending on the current policies and guidelines established by the Texas government.