SECTION 1. (a).  No at-will employees of any state authority, as defined in section 1 of chapter 29, may be provided compensation in salary or wages in excess of the salary provided to the Governor of the Commonwealth, as set forth in section 1 of chapter 6, as so appearing.

(b).  No state authority, as defined in section 1 of chapter 29, may enter into a contract, executed after the passage of this act, with any employee that provides compensation in salary or wages in excess of the salary provided to the Governor of the Commonwealth, as set forth in section 1 of chapter 6, as so appearing.

(c).  All state authorities, as defined in section 1 of chapter 29, shall submit by December 31, 2013, to the Senate and House Committees on Ways and Means a compensation reduction report that shall include, but not be limited to, a plan that details all percentage salary reductions, wage freeze, furloughs and reduction of employees including attrition.

(d). A state authority may provide compensation in excess of the amount referenced in sections (a) and (b) of this chapter, provided that the authority:

(1) provides notice to the governor, treasurer, auditor, senate and house ways and means committee, and senate and house post-audit and oversight committee setting forth reasons for excess compensation;

(2) publish said notice to the general public;

(3) provides a 30 day public comment period and conducts a public hearing on said compensation