15 U.S.C. § 9096 — Limitation on certain employee compensation
submitted 6 years ago by Pub. L. 116-260 to r/title-15-COMMERCE-AND-TRADE · 291 words · no verdicts yet
The section limits the compensation that certain highly paid aviation employees and officers may receive while their employer receives the specified assistance.
(a) The Secretary* may provide assistance only after an agreement says that during the 2-year period beginning October 1, 2020 and ending October 1, 2022: (1) an officer or employee* whose 2019 total compensation exceeded $425,000 may not receive, unless compensation is set by a collective bargaining agreement made before December 27, 2020, (A) more total compensation in any 12 consecutive months than the person received from that employer in 2019, or (B) termination severance or other benefits exceeding twice the person's maximum 2019 total compensation; and (2) an officer or employee whose 2019 total compensation exceeded $3,000,000 may not receive in any 12 consecutive months more than $3,000,000 plus 50 percent of the amount by which the person's 2019 compensation exceeded $3,000,000. (b) “Total compensation” includes salary, bonuses, stock awards, and other financial benefits the carrier or contractor* provides to the officer or employee.
The Secretary* may only provide financial assistance under this part to a passenger air carrier or contractor* after such carrier or contractor enters into an agreement with the Secretary that provides that, during the 2-year period beginning October 1, 2020, and ending October 1, 2022—
no officer or employee* of the passenger air carrier or contractor whose total compensation exceeded $425,000 in calendar year 2019 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to December 27, 2020) will receive from the passenger air carrier or contractor—
total compensation that exceeds, during any 12 consecutive months of such 2-year period, the total compensation received by the officer or employee from the passenger air carrier or contractor in calendar year 2019; or
severance pay or other benefits upon termination of employment with the passenger air carrier or contractor which exceeds twice the maximum total compensation received by the officer or employee from the passenger air carrier or contractor in calendar year 2019; and
no officer or employee of the passenger air carrier or contractor whose total compensation exceeded $3,000,000 in calendar year 2019 may receive during any 12 consecutive months of such period total compensation in excess of the sum of—
$3,000,000; and
50 percent of the excess over $3,000,000 of the total compensation received by the officer or employee from the passenger air carrier or contractor in calendar year 2019.
In this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by a passenger air carrier or contractor to an officer or employee of the passenger air carrier or contractor.
Source credit: (Pub. L. 116–260, div. N, title IV, § 406, Dec. 27, 2020, 134 Stat. 2057.)
- 2020Enacted · Pub. L. 116-260 · 134 Stat. 2057
A history note hasn’t been published yet. The record shows enactment by Pub. L. 116-260 on 2020-12-27.
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