Public Service Enterprise Group Incorporated (PEG, Financial) has announced significant amendments to its Key Executive Severance Plan (KESP) and Deferred Compensation Plan (DCP) as part of a periodic review by the Organization and Compensation Committee (O&CC). These changes, effective November 18, 2024, aim to enhance the company's compensation structure for its executives and certain highly-compensated employees.
The amendments to the KESP include updates to the positions eligible for inclusion on Schedule A, now encompassing designated Section 16 Officer positions, with the exception of a Section 16 officer currently on Schedule B. Additionally, the plan has undergone various administrative amendments and clarifications to streamline its implementation.
In parallel, the DCP has been revised to offer an alternative set of equivalent benefits for employees opting for the Core Contribution/401(k) Program instead of the Cash Balance/401(k) Program. This amendment extends benefits not only to officers but also to certain highly-compensated non-officer employees. Furthermore, the authority to amend the DCP has been clarified in accordance with the O&CC Charter, alongside other administrative updates.
These strategic amendments reflect PEG's commitment to providing competitive and comprehensive compensation packages, ensuring alignment with industry standards and enhancing employee satisfaction. For more detailed information, stakeholders are encouraged to review the full text of the amended plans.
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