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Executive Performance Incentive Plans

Executive Performance Incentive Plans

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Dallas pension executive compensation
Dallas pension executive compensation

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Published by: The Dallas Morning News on May 22, 2014
Copyright:Traditional Copyright: All rights reserved

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06/13/2014

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POLICE
 :
FIRE
 rI
~
P NS ON
SYST
Performance ncentive ompensationPlan
1.Purpose:
ThepurposeofthePerformanceIncentiveCompensationPlanistofostercontinuinglong-termgrowthofSystemassetsandtoattractandretainqualityinvestmentstaffbyrewardingkeymanagementandinvestmentpersonnelforachievingperformancegoalsrelatedtotheSystem sinvestmentreturn.ThePlanisbasedonthepremisethatthosestaffmembershaveamajorimpactoninvestmentperformance,andthatitisinthebestinterestsoftheSystemtorewardthemforexceedingestablishedgoalsandobjectives.2.Eligibles:EmployeesinthefollowingpositionsareeligibletoreceiveperformanceincentivecompensationunderthePlan:a.CategoryA:Administrator,AssistantAdministratorforOperations,AssistantAdministratorforInvestments,ChiefFinancialOfficerandGeneralCounselb.CategoryB:InvestmentAnalysts.3.EligibilityCriteria:TobeeligibletoreceiveapaymentunderthePerformanceIncentiveCompensationPlan,anotherwiseeligibleemployeemusthave:a.CompletedatleastonefullyearofemploymentwiththeSystem,toincludeeligibleservicewiththeSystemasaCityemployee,aofthedatetheBoardreceivestheindependentauditor sreportfortheprioryear;andb.BeencontinuouslyemployedbytheSystemthroughthedateofpayment; c.Notwithstanding3b,anotherwiseeligibleemployeewhohasaccruedyear
of
servicewiththeSystem toincludeeligibleservicewiththeSystemasaCity employee)plusyearsofageaddingto70ormoreandwhoterminatesemploymentduetoretirementordeathbeforethepayment
of
theperformanceincentivecompensationfortheprioryearshallbeeligibleforanyperformanceincentivecompensationpayableforthatprioryear.d.Noperformanceincentivecompensationshallbepayabletoanyemployeefortheyearinwhichtheemployee semploymentvoluntarilyorinvoluntarilyisterminated.
4.IncentiveCompensationCommittee:
TheIncentiveCompensationCommitteeiscomprisedoftheAdministrator,theAssistantAdministratorforOperationsandtheChiefFinancialOfficer.
5.IncentiveCompensation:
Incentivecompensationpaymentshallbedeterminedasfollows:a.1
 
ofeacheligibleemployee sannualizedbasesalaryasoftheendofthelastpayperiod
of
thepriorcalendaryear excludinganyperformanceincentive
 
PerformanceRetentionIncentivePlanRevised6/3/13Page2compensationpaidduringtheperiod,amountspaidinlieuofanHSAorothernon-regularpayment)foreach0.1
 
thattheSystem srate
of
returnoninvestmentsforthepriorcalendaryearexceedstheactuarialrate
of
returnasadoptedfromtimetotimebytheBoard
of
Trustees.b.TheSystem srate
of
returnasusedtodetermineperformanceincentivecompensationshallbetheratereportedbytheSystem sgeneralinvestmentconsultantandrecordedintheindependentauditor sreport
of
theSystem sannualfinancialstatementsfortheprioryear.c.
 he
maximumperformanceincentivecompensationthatmaybepaidis50
of
eacheligibleemployee sannualizedbasesalary;d.Thetotalincentivecompensationthatmaybepaidinanyyearshallbelimitedtoanamountthat,whenaddedtoprioryearPlanexpenses,theresultingtotalexpenseswouldnotreducetheinvestmentreturnforthatyeartolessthantheSystem srate
of
returnactuarialassumptionasadoptedbytheBoard.e.TheAdministratorwilladvisetheBoard
of
amountspaidasperformanceincentivecompensationatameetingoftheBoard.
 PaymentofIncentive:
a.TheIncentiveCompensationCommitteeshallcalculatethetotalpotentialincentivecompensationbytheprovisionsinSaand6band6cforeacheligibleemployeeassoonasadministrativelyfeasibleaftertheBoardreceivestheindependentauditor sreportfortheprioryear.b.TheCommitteeshallauthorizepaymentasfollows:
 
payment
of
thecalculatedincentivecompensationtoeachCategoryAeligibleemployee;and
ii.
payment
of
50 
of
thecalculatedincentivecompensationforeachCategoryBeligibleemployee;iii.payment
of
theremaining50
of
thecalculatedincentivecompensationdueanyCategoryBeligibleemployeecontingentuponthatemployee ssustainedsatisfactoryperformancethroughtheCalendarYearasdeterminedbytheIncentiveCompensationCommitteeandatthediscretionoftheAdministrator.
IV.
payment
of
prorataperformanceincentivecompensationtoanemployeeeligibleforperformanceincentivecompensationundertheprovision
of
3aabovefortheportion
of
theyeartheemployeewasemployedintheyearforwhichpaymentistobemade,proratedaccordingtothenumberofwholemonths
of
employmentinthatyear;c.ThepotentialincentivecompensationforCategoryBeligibleemployeeswhohavebeenemployedbytheSystemforthreeorfeweryearsshallbedeterminedasfollows:
 
Foraneligibleemployeewhoas
of
thedatetheBoardreceivestheindependentauditor sreportfortheprioryearhasatleastonefullyearofSystememployment
 ut
lessthantwofullyears,thepotentialincentive compensationis33 ofthecalculatedincentivecompensationauthorizedbytheCommitteeforthecalendarYear.
 
PerformanceRetentionIncentivePlanRevised6/3/13Page3ii.
 or
aneligibleemployeewhoas
of
thedatetheBoardreceivestheindependentauditor sreportfortheprioryearhasatleasttwofullyearsofsystememploymentbutlessthanthreefullyears,thepotentialincentivecompensationis67
of
thecalculatedincentivecompensationauthorizedbytheCommitteeforthecalendarYear.iii.
 or
aneligibleemployeewhoas
of
thedatetheBoardreceivestheindependentauditor sreportfortheprioryearhasthreefullyearsofsystememployment,thepotentialincentivecompensationisthefullcalculatedincentivecompensationauthorizedbytheCommitteeforthecalendarYearplustheportionsofincentivecompensationfromtheprevioustwoyearstowhichtheemployeewasnotentitledatthetimeofpayment.d.Paymentshallbemadetoeligibleemployeesinalump
sum
amountasearlyasadministrativelyfeasibleaftercalculatedandauthorizedbytheCommittee.e.AllpaymentsunderthePlanareincludedintheemployee stotalcompensationandaresubjecttopayrolltaxesandemployeeandemployercontributionstotheSystem401(a)MoneyPurchasePlansubjecttocompensationlimitsunder
 Re
Section401(a)(17)andcontributionlimitsunderIRCSections415(c).EmployercontributionsthatcannotbepaidinacalendaryearduetoIRClimitsshallbepaidinamannerandatthediscretionoftheAdministrator,includingpayingsuchamounttoSystememployeeswhoarenotemployeeseligibleforthisPlan.7.TheRevisedPerformanceIncentiveCompensationPlaniseffectiveforPlanYear2012andallsubsequentyearsuntilrevisedorrepealed
by
theBoard.APPROVEDonSeptember20,2013bytheAdministrator
of
theDallasPoliceandFire
 
,
 
J
 
IC.
 
(
/1{j r 
f ~
Richard
 
TettamantAdministrator

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