Compensatory time-off plan is a plan for employees where they are paid to take time-off from job as a compensation for their overtime work. This is applicable to senior executive positions, professionals and doctors mostly.
It is followed widely in U.S. with rules framed under its labor laws of the constitution. Though the law exists but it is not mandatory for the organization to provide those facilities to all of its employees.
It means that the organization can reserve such policies only for a select few who are either high performers or an asset to the organization. These employees generally belong to the executive positions in that organization