Boulay Incentive Compensation & Retention Plan
Frequently Asked Questions
Boulay Incentive Compensation & Retention Plan
Frequently Asked Questions
Does the eligibility of the plan differ for mid-year hires?
All hires, as clarified on the overview page, are eligible for the Incentive Compensation and Retention Plan. However, to support fairness and equitability in the receiving of points, there will be a pro-rating of points for mid-year hires:
The adjustment will take place after points have been allocated in the calibration meetings, to help with consistence of ratings during the calibration meetings. This pro-ration is only for one’s first year at Boulay.
If the new hire is a returning Boulay team member, they will not receive any reallocated dollars nor will they receive any reinstatement to prior year dollars. Individuals returning to Boulay will return to the Plan in the same fashion as any mid-year hire with the pro-ration of the first year as noted above.
How can I best utilize Maconomy with respect to the Incentive Plan?
One critical way is through proper time coding when participating in activities related to incentive plan criteria.
Criteria
Maconomy Project Code
Examples
Staff Development
Boulay – Staff Development
Staff Development
Boulay – Bvolve
Staff Development
Boulay – Diversity, Equity, and Inclusion
Talent Acquisition Participation
Boulay – Talent Acquisition
Where can I find more detailed information about current Maconomy Codes?
Refer to the resources on Sharepoint.
Will there be an “Incentive Plan Self-Reflection” to complete?
Yes, there will be a way to provide self-reflection on the plan for individual participants around the end of the fiscal year. Details of that process are still being finalized and will be communicated at a later date. We strongly encourage all plan participants to complete this process.
Will there still be "Calibration Meetings" this spring?
Yes, we will still be holding department-specific Calibration Meetings to assess individual efforts and assign points. In addition, this year we will be offering a process for Managers+ to provide their recommended points PRIOR to the calibration meetings to help with meeting efficiency and enhanced dialogue within the meetings.
Coming into year three, what can I expect to be included in the August 15 payment?
How will unpaid Incentive Plan Comp be reallocated when a team member departs the firm?
Team members must be actively employed at Boulay on the scheduled date of payment to receive their Incentive Plan payment. Unpaid Incentive Compensation earned by a team member who departs Boulay will be reallocated to other team members who are still employed at Boulay and who earned pointed in the year the unpaid Incentive Compensation was originally earned. Reallocated Incentive Compensation will be awarded to team members based on their recalculated percentage of weighted points. Reallocated dollars will be paid out over the remaining installment periods and interest will not be paid on reallocated dollars.
Scenario Details
Participant A earned $6,000
Participant A was paid 1/3 in Year 1.
Participant A departed in Year 2.
Remaining $4,000 will be reallocated.*
Year 1
$2,000
Year 2
$2,000
Year 3
$2,000
A
Remaining Participants
Participant B
Participant C
Participant D
Participant E
Participant F
TOTAL
Year 1
Weighted Points^
60
53
75
48
0
236
% of Department
25.4%
22.5%
31.8%
20.3%
0%
100.0%
Reallocation Year 2
$508
$450
$636
$406
$0
$2,000
Reallocation Year 3
$508
$450
$636
$406
$0
$2,000
*This does not include interest, as interest will not be paid on reallocated Incentive Comp.
^Weighted Points are from the year in which the Incentive Comp was earned.
There is some overlap between Education and Staff Development. What types of Education activities are relevant to the Incentive Plan?
We recognize there is some overlap between time coded to “education” and to “staff development”. For purposes of the Incentive Plan, below is a guideline to help you assess your efforts in this area.
Types of Activities
Included / Excluded
Examples
Required by your position or career path
Excluded
Above and beyond your position requirement
Included
Are billable hours goals pro-rated for mid-year hires or individuals involved in Personal Schedule Arrangement (PSA)?
Billable hours goals are based on data submitted on one’s Annual Hours Goals (or Standard if less than your goal). Mid-year hires and PSA individuals adjust their Annual Hours Goals according to their months worked and hours scheduled.
Are billable hours requirements adjusted for leave of absences (Parental Leave, FLMA)?
When a team member experiences a leave of absence, that is an opportunity to adjust one’s Annual Hours Goals accordingly. The team member should connect with their Primary Advisor to determine if adjustments to their Annual Hours Goal is appropriate.
Am I eligible for an Incentive Plan Payment if I am actively on a Performance Improvement Plan?
Annually in January, the committee will reach out to all PICs to remind them that any team member actively on a PIP as of January 1 or placed on one through May 31, will require a review for plan consideration no later than June 15. Options available include:
The review process will be comprised of the Department PIC, a member of HR and a member of the Incentive Committee Leadership. This will allow for proper assessment and clear plan for how the decision will be presented to the team member (made on a case by case basis.)
If eligibility is reduced, that percentage is applied to the weighted points earned that year.
Is there a way for me to access my current metrics (billable hours to date, realization to date)?
Every team member has access to run a report in Maconomy called “Annual Hours Goal vs. Actual” to check in on their progress against their goal. For other incentive plan details, you may access prior-year information through your Personal Insights Dashboard.
Is there a way to know the status of my Department’s Goal during the year?
Yes, information regarding your Department’s Goal will be provided to the PIC on a regular basis by our Business Intelligence Team. Your PIC will then communication this information and relevant data to your department on a regular basis throughout the year.
How is New Project Participation different than New Client Commissions?
New Client Commissions are paid to relevant individuals when they assist with bringing in new and unaffiliated business to Boulay. This is managed under a separate plan and not relevant to the Incentive Compensation and Retention Plan. The New Project Participation criteria of the Plan refers to involvement with project work related to projects that are new client(s)to the firm or project work that is completely new to the team member.
If I get promoted to Partner, what happens to my dollars earned?
If an individual is promoted to Partner, prior Incentive Plan earnings will still be paid out according to the current schedule. However, they will no longer be eligible for future earnings.
If I retire, what happens to my dollars earned?
If an individual formally retires, all installment and reallocation dollars will be paid to the team member. The Interest for that year of departure will be paid on a pro-rated basis based off months worked within that fiscal year, (i.e. if a team member departs the Firm in October, they will receive 5/12th of that year’s interest allocation). Dollars paid as part of the Incentive Plan will be paid out to the individual on their final pay cycle or the following.