A significant portion of our investment in employees is made yearly through a benefits package that remains consistently competitive. Our Total Rewards package for employees often exceeds 40 percent of base pay.
Xcel Energy Benefits Package for Full-time, Non-bargaining-unit Employees
Includes medical, pharmacy and Health Savings Account (HSA) contributions. Employees who enroll in our High Deductible Healthcare Plan (HDHP) are able to contribute pre-tax dollars to an HSA that can be used to offset current or future healthcare expenses not covered by the plan. This account accrues tax-free interest, is owned by the employee and carries over year to year. We did not charge a healthcare premium for the HDHP in 2011. Xcel Energy pays 75 percent of premiums for employees enrolled in non-HDHP plans.
Dental and vision
Xcel Energy covers between 60 and 75 percent of dental plan premiums and up to 75 percent of vision plan premiums.
Xcel Energy covers the full cost of basic life insurance coverage and offers voluntary supplemental and dependent life insurance coverage.
Xcel Energy covers the full cost of long-term disability coverage for eligible employees and provides salary continuation in the form of short-term disability, paid time off (PTO), vacation and sick leave.
Work/life balance programs
Includes Employee Assistance Program; tuition reimbursement; adoption assistance; healthcare, dependent-care and transportation reimbursement accounts; transit pass subsidies; and wellness programs.
Xcel Energy provides a pension plan to help employees prepare for a financially secure retirement. The pension benefit is based on an employee's length of service and eligible compensation.
401(k) savings plan
Xcel Energy’s 401(k) Savings Plan allows employees to save for their future through automatic payroll deductions (pre-tax, Roth 401(k) after-tax or a combination of both). Employees can choose to invest their contributions using a variety of options (cash, bond and stock investments). Xcel Energy matches a portion of employee contributions. For new, non-bargaining-unit and SPS bargaining unit employees, we automatically enroll new hires at 4 percent pre-tax savings with an automatic 1 percent annual escalation until 10 percent is reached. There is a guaranteed company match of 2 percent, and automatic enrollment applies only to new hires that do not elect to waive coverage.
Notes on benefits:
- Coverage for eligible dependents includes medical, dental, vision, life insurance and AD&D insurance.
- Employees whose families are comprised of domestic partners and/or children of domestic partners have participated in Xcel Energy benefits since 1992.
- Bargaining unit benefits are based on the contract negotiated with a specific local union.