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Overtime Primer: Highlights from the New Regulations
The federal DOL overtime regulations go into effect this year. Are you ready?
This report includes a summary of key changes, including the salary level test and salary basis test.
As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.
April 04, 2002
Anthem, Oxford Execs Get Big Raises
Anthem, which converted to a publicly traded stock company in November, gave president and chief financial officer Larry C. Glasscock a $15.7 million pay package.
Oxford directors, happy with that company's turnaround, rewarded chief executive Dr. Norman C. Payson last year by increasing his bonus seven-fold; this year, it nearly tripled his salary, according to the Courant.
Anthem's Glasscock got $900,000 of salary last year, compared with $800,000 in 2000. He was awarded the maximum possible bonus last year of $2.16 million, compared with $1.6 million the previous year.
Glasscock also got a $12.4 million payout last year under a long-term incentive plan based on company performance for the years 1998 through 2000.
Under Glasscock, Anthem "exceeded its financial goals and accomplished its strategic objectives," the board's compensation committee said in the proxy for the company's annual shareholder meeting May 13 in Indianapolis. The committee also said Fortune magazine identified Anthem as one of the nation's most admired health care companies.
Anthem can't grant stock or options to executives until May 3 of this year, according to the Courant, because of regulatory rules related to the conversion from a mutual to a stock company.
At Connecticut-based Oxford, Payson, who is chairman and chief executive, got a $2.96 million compensation package last year, plus new stock options with a theoretical value of $8.3 million. Some of the options granted last year were in lieu of an option grant that normally would have been made in January 2002.
Payson's 2001 pay included $350,000 of base salary - the same as in 2000 - and a $2.5 million bonus, compared with a $350,000 bonus in 2000.
In a federal filing Monday, the board's compensation committee said it decided to raise Payson's cash compensation after reviewing pay at peer companies and Oxford's financial position. The $2.5 million bonus was granted "for his accomplishments and contributions toward the company's success during 2000," said the filing for the company's May 8 annual meeting.
To read the Hartford Court story, click here.
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Hartford Courant reports that Anthem Inc. and Oxford Health Plans Inc. rewarded top executives with major pay increases last year for company performance and corporate change.