Xcel Energy is committed to providing employees with a market-competitive compensation and benefits package. Our Total Rewards Statement tool is offered to most of our employees and shows them the full value of the package we provide. It offers a personalized snapshot of pay and benefits information, as well as links to additional program and service information. Employees can access their individual statements online.
In addition to the Total Rewards Statement, we provide technological tools for employees to help them understand and manage their benefits. Our healthcare provider, UnitedHealthcare has smart phone apps like Health4Me, which provides instant access to critical health information, and OptimizeMe, which allows employees to network with others and join health challenges. My Financial Future is an online, in-house retirement modeling tool, and depending on their 401(k) savings plan, employees are encouraged to visit Vanguard.com or WellsFargo.com/retirementplan for retirement calculators and worksheets.
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 continues to offer a basic pension plan along with a 401(k) savings plan, which is a demonstration of our long-term financial support to employees. By providing a formula driven, basic pension benefit, we join employees in building future financial security. Unlike many employers who have frozen pension plans or reduced contributions to 401(k) accounts, we have continued to contribute to these plans as a sign of our commitment to provide savings vehicles that allow the employee to be fully engaged while working, yet able to exit the workforce at an appropriate age. At Xcel Energy, we balance financial and workforce objectives with providing a fair and market-based benefits package, resulting in our ability to recruit and retain the best talent to serve our customers.
|Medical plan||Includes medical, pharmacy and a Health Savings Account (HSA). 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. Employees paid small premiums for the HDHP in 2012. In aggregate, employees pay 25 percent of healthcare costs through their premiums, deductibles and co-insurance expenses; Xcel Energy pays the remaining 75 percent.|
|Dental and vision||Xcel Energy covers between 60 and 75 percent of dental plan premiums and up to 75 percent of vision plan premiums.|
|Life insurance||Xcel Energy covers the full cost of basic life insurance coverage and offers voluntary supplemental and dependent life insurance coverage.|
|Disability 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.|
|Pension||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. This results in a guaranteed company match of 2 percent for employees who do not waive coverage.|
Notes on benefits:
We published our first corporate responsibility report (formerly known as the Triple Bottom Line report) in April 2005, with the contents covering the 2004 calendar year, and we have published a similar report in each following year. Our report is based on Global Reporting Initiative (GRI) G3 Sustainability Reporting Guidelines, the most widely used sustainability reporting framework in the world. Additionally, we incorporate the GRI’s Electric Utilities Sector Supplement indicators wherever possible.