Page:United States Statutes at Large Volume 107 Part 3.djvu/443

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PUBLIC LAW 103-204—DEC. 17, 1993 107 STAT. 2381 "(x) LIMITATION ON EXCESSIVE COMPENSATION AND CASH AWARDS. — "(1) ESTABLISHMENT OF PERFORMANCE APPRAISAL SYSTEM REQUIRED.— The Corporation shall be treated as an agency for purposes of sections 4302 and 4304 of title 5, United States Code. "(2) PROCEDURES FOR PAYMENT OF CASH AWARDS.— "(A) IN GENERAL.— Sections 4502, 4503, and 4505a of title 5, United States Code, shall apply with respect to the Corporation. "(B) LIMITATION ON AMOUNT OF CASH AWARDS. —For purposes of determining the amount of any performancebased cash award payable to any employee of the Corporation under section 4505a of title 5, United States Code, the amount of basic pay of the employee which may be taken into account under such section shall not exceed the amount which is equal to the annual rate of basic pay payable for level I of the Executive Schedule. '(3) ALL OTHER CASH AWARDS AND BONUSES PROHIBITED. — Except as provided in paragraph (2), no cash award or bonus may be made to any employee of the Corporation. "(4) LIMITATIONS ON CASH AWARDS AND BONUSES. —NO employee shall receive any cash award or bonus if such employee has given notice of an intent to resign to take a position in the private sector before the payment of such cash award or bonus or accepts employment in the private sector not later than 60 days after receipt of such award or bonus. "(5) LIMITATION ON EXCESSIVE COMPENSATION.— Except as provided in paragraphs (6) and (7), no employee may receive a total amount of allow£inces, benefits, basic pay, and other compensation, including bonuses and other awards, in excess of the total amount of allowances, benefits, basic pay, and other compensation, including bonuses and other awards, which are provided to the chief executive officer of the Corporation.

  • '(6) No REDUCTION IN RATE OF PAY.— The annual rate of

basic pay and benefits, including any regional pay differential, payable to any employee who was an employee as of the date of enactment of the Resolution Trust Corporation Completion Act for any year ending after such date of enactment shall not be reduced, by reason of paragraph (5), below the annual rate of basic pay and benefits, including any regional pay differential, paid to such employee, by reason of such employ- ment, as of such date. "(7) EMPLOYEES SERVING IN ACTING OR TEMPORARY CAPAC- ITY. — In the case of any employee who, as of the date of enactment of the Resolution Trust Corporation Completion Act, is serving in an acting capacity or is otherwise temporarily employed at a higher grade than such employee's regular grade or position of employment— "(A) the annual rate of basic pay and benefits, including any regional pay differential, payable to such employee in such capacity or at such higher grade shall not be reduced by reason of paragraph (5) so long as such employee continues to serve in such capacity or at such higher grade; and "(B) after such employee ceases to serve in such capacity or at such higher grade, paragraph (6) shall be applied