Code of Massachusetts Regulations
801 CMR - EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE
Title 801 CMR 53.00 - Accountability And Transparency For State Authorities
Section 53.04 - Executive Compensation and Severance
Universal Citation: 801 MA Code of Regs 801.53
Current through Register 1518, March 29, 2024
(1) Each state authority shall establish a compensation committee, which shall:
(a)
determine which employees of the authority are executives under
801 CMR
53.02;
(b) meet independently of management at least
once per calendar year and evaluate and establish compensation for all
authority executives, including, but not limited to, base salary, bonuses,
severance, retirement or deferred compensation packages and policies relative
to the accrual and payment of sick and vacation time, including payouts for
unused sick and vacation time. In establishing executive compensation, the
compensation committee shall analyze and assess comparable compensation for
positions with similar functions and responsibilities at state agencies and
authorities, as well as for-profit and nonprofit private-sector employers;
and
(c) establish policies that the
chief executive officer shall apply in fixing the compensation of other
authority employees.
(2) No executive of a state authority shall be compensated for sick, vacation or other leave time to an extent greater than the leave time granted to a state employee.
(3) No executive of a state authority shall be granted severance pay after removal for cause, and no executive shall be granted severance pay in excess of three months' salary if removed other than for cause.
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