Rancho Santa Fe Association shares details of former manager’s severance agreement
By Karen Billing
Former Rancho Santa Fe Association Manager Pete Smith’s severance agreement was revealed at the Rancho Santa Fe Association’s Annual Meeting on May 8. RSF Association President Philip Wilkinson spoke about the details of the agreement. Smith recently retired after nearly 20 years with the RSF Association. Wilkinson said he was sharing the terms of the severance agreement because he feels it is important to keep the membership informed, as there have been many requests for the board to have more transparency.
Smith had a rolling two-year employment agreement, which was put into place in 1996, according to Wilkinson.
On Smith’s separation date, officially June 30, he will receive his final paycheck, including his accrued, unused vacation pay and sick leave benefit in accordance with the Association’s policies and applicable California law, all of which has been previously accrued and funded.
For the period of July 1, 2014 through Dec. 31, 2015, Smith will be reimbursed for his health premiums.
In addition, Smith will receive severance pay that represents approximately 85 percent of his annual compensation, paid out over the next two fiscal years. An initial severance payment of $20,000 will be paid on July 1 and the remaining severance will be paid out in 12 equal monthly installments of $16,254 that will start on Jan. 1. 2015.
“Members can be assured that the Compensation Committee and the board carefully considered all issues and acted unanimously in the best interests of the Association,” Wilkinson said. “The board and the Association thank Pete for his many contributions over the years.”
- Rancho Santa Fe residents ask for details on former manager’s separation agreement
- Longtime Rancho Santa Fe Association Manager Pete Smith retires
- Yahr, Wilkinson, Slosar elected to Rancho Santa Fe Association board
- Rancho Santa Fe Association board to discuss tax form errors
- Rancho Santa Fe Association Compensation Committee bylaw change language to be reviewed
Short URL: http://www.ranchosantafereview.com/?p=33094