MPAT (Management, Professional, Administrative and Technical) Employee Benefits
Energize Your Career
WHO WE ARE:
Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for most of southern Nevada, and Sierra Pacific Power Company, the electric utility for most of northern Nevada and the Lake Tahoe area of California. Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks area of northern Nevada. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns 50 percent interest in an interstate natural gas transmission partnership and several unregulated energy services companies.
In July 1999, Nevada Power and Sierra Pacific Power merged to create Sierra Pacific Resources (SPR) – one of the fastest growing energy companies listed on the New York Stock Exchange. With rapid growth comes career opportunities.
We are committed to operating our business with excellence, being the best utility in the industry, and investing in the current and future employees of SPR – the people who fuel our success.
We’re looking for qualified people to join SPR right now.
WHO WE ARE LOOKING FOR:
- We need quality individual contributors who will work effectively within a focused team environment.
- We want people from all walks of life, because diversity allows us to find new and better ways to achieve success.
- We want innovators who want to do great things – and be rewarded when they contribute to the success of SPR.
- Are you one of these people? If so, we encourage you to read on.
WHY JOIN SPR?
You may be wondering what makes SPR different from any other employer. We think it comes down to three things.
Our Values
Our values are the things that are really important to us. They guide how we work, how we interact with the community, and how we interact with each other. Our values are:
- Integrity
This guides everything we do. - Improving Performance
We expect the best from ourselves and each other. - Diversity
Our differences help us win. - Teamwork
By working together, we accomplish more than we can on our own. - Accountability
We always meet our commitments. - Stewardship
We have been entrusted with many responsibilities and resources: our employees, customers, shareholders, community, and environment. As stewards of these resources, we will keep them safe and enhance their value.
Our People
Our people are our most valuable resource. They provide the fuel that allows us to deliver value to our customers, our shareholders, and our community. Our people also make SPR a great place to work.
Our emPower Total Rewards Program
We have an innovative compensation philosophy, one that fully recognizes how compensation extends well beyond just base pay. At SPR, we offer a highly competitive rewards program – emPower Total Rewards.
Should you join SPR, you'll enjoy the following emPower programs:
- Competitive cash compensation (base pay, overtime pay (for non-exempt employees), and short term incentive bonus)
- Learning and development opportunities
- An engaging and supportive work environment, and
- emPower Benefits Program.
emPowering Your Benefits
Should you join SPR as an MPAT (Management, Professional, Administrative and Technical) employee, you will be eligible for these emPower Benefits:
- Benefits for Today
• Health Care (Medical, Dental, Vision) & Wellness
• Flexible Spending Accounts
• Life Insurance Benefits
• Accident Insurance, and
• Disability Benefits.
- Benefits for Tomorrow
• SPR Retirement (Pension) Plan
• SPR 401(k) Plan
• Employee Stock Purchase Plan (ESPP)
• Retiree Health Care Insurance, and
• Retiree Life Insurance.
- Benefits for Everyday
• Time Off Benefits
• Employee Assistance Program (EAP)
• Tuition Reimbursement Program, and
• Adoption Assistance.
Read on to discover more about emPower Benefits – a significant part of the SPR emPower Total Rewards Program that we provide our employees in exchange for their powerful contributions.
When you’re finished, we think you’ll agree that a career with SPR as an MPAT employee can be very rewarding.
In addition to competitive cash compensation, learning and development opportunities, and an engaging and supportive work environment, the SPR emPower Total Rewards Program provides our employees with a significant amount of additional compensation through the emPower Benefits Program.
The Value of emPower Benefits
Of course, emPower benefits can provide security, protection, and financial opportunity for you and your family. But the cost for SPR to provide you with these benefits represents a significant addition to your potential cash compensation at SPR.
The following table provides highlights of each of the SPR emPower benefits. It also approximates the percentage of an SPR MPAT employee’s cash compensation that the Company invests in each emPower benefit.
SPR emPower Benefits Program
emPower Benefits for Today ... The Value of Resources
| Benefit | Resources | SPR Invests |
|---|---|---|
Health Care & Wellness |
• Choose from PPO or HMO Medical Plans for you and your entire family • Includes Prescription Drug coverage • Dental and Vision coverage is available • SPR pays the majority of the cost • SPR pays you up to $600 per year to be healthy |
14% |
Flexible Spending Accounts (FSAs) |
• Reimburse yourself for Health Care and Dependent Care expenses • Save on income taxes |
2% |
Life Insurance Benefits |
•SPR automatically provides you with non-contributory Basic Life Insurance equal to 1.5 times your base pay (up to $1,500,000) • You can elect contributory Supplemental Life Insurance coverage for yourself and/or any eligible dependents |
1% |
Accident Insurance |
• SPR automatically provides you with non-contributory Accidental Death & Dismemberment (AD&D) Insurance equal to 1.5 times your base pay (up to $1,500,000) • You can elect contributory Supplemental AD&D Insurance coverage for yourself and/or any eligible dependents • SPR automatically provides a death benefit of $500,000 at no cost to you in the event of your accidental death while traveling on Company business |
.50% |
Disability Benefits |
• SPR automatically provides you with Short-Term (STD) and Long-Term (LTD) Disability coverage at no cost to you • STD replaces 100% of your base pay for up to 26 weeks • LTD replaces 60% of your base pay (up to $10,000 per month) |
2.5% |
Total Today |
20% |
emPower Benefits for Tomorrow ... The Value of Resources
| Benefit | Resources | SPR Invests |
|---|---|---|
| SPR Retirement (Pension) Plan | • SPR pays the entire cost • Provides you with steady income during your retirement years |
14% |
|
• You can contribute up to 100% of covered pay • Pre-tax savings allows you to increase your take home pay today by deferring income taxes on your investments • Company matches dollar for dollar, up to the first 6% you contribute • You are always 100% vested in Company contributions • Your contributions are always 100% vested • You choose to invest from 19 funds for both your and the Company contributions |
6% |
| Employee Stock Purchase Plan (ESPP) | • You can contribute up to 15% of your pay, up to Plan limits • You purchase SPR stock often at a discounted price |
1% |
| Retiree Health Care and Life Insurance | • You and your eligible dependents can receive Medical, Dental, and Vision coverage even after you retire from SPR • You receive a subsidy to help pay for the cost of Health Care coverage based on years of service • SPR automatically provides and pays the entire cost of Life Insurance coverage after you retire |
9% |
| Total Tomorrow | 30% |
emPower Benefits for Everyday ... The Value of Resources
| Benefit | Resources | SPR Invests |
|---|---|---|
Time Off Benefits |
• Personal Time Off (PTO) ensures that you will be paid when you are sick, vacationing, or taking care of personal business • SPR annually provides you with 18 days of PTO plus .58 for each year of service • SPR also observes 9 paid holidays throughout the year |
15% |
| Employee Assistance Program (EAP) | • You and your family can receive up to 8 counseling sessions per incident, per year, during life’s more difficult times | 1% |
| Tuition Reimbursement Program | • SPR will reimburse you for eligible education expenses (up to $5,250 for full-time employees; up to $2,000 for part-time employees) | 1.75% |
| Adoption Assistance | • SPR will reimburse you for eligible expenses if you adopt a child (up to $2,000 per adoption, MPAT employees only) | .25% |
| Other Programs | • SPR makes equal contributions on your behalf for Social Security and Medicare | 7% |
| Total Everyday | 25% |
|
| Total Average SPR Investment in emPower Benefits (expressed as a percentage of $70,000 cash compensation) |
75% |
|
The specific investment SPR makes to provide emPower benefits for each employee can vary.
Dollar Value of emPower Total Rewards
Now that you have an idea of the investment SPR could make in your emPower Benefits as a percentage of your base pay, let’s translate those percentages into hard dollars within the context of your potential Total Rewards at SPR.
The following sample "emPower Total Rewards Statement" assumes that your annual cash compensation is $70,000 per year, and illustrates the annual dollar value of your potential emPower Total Rewards.
SPR emPower Total Rewards Program
Sample Total Rewards for MPAT Employee |
|
|---|---|
| Base Salary | $70,000 |
| Bonus (Short Term Incentive Plan at Analyst III Level = 10% Base Salary) | $7,000 |
| Total Cash Compensation | $77,000 |
emPower Benefits for Today • Health Care (Medical, Dental, Vision) & Wellness Benefits |
$14,000 |
emPower Benefits for Tomorrow • SPR Retirement (Pension) Plan |
$21,000 |
emPower Benefits for Everyday • Time Off Benefits |
$17,500 |
| Total Annual Amount SPR Spends on Your emPower Benefits | $52,500* |
| Total Annual Dollar Value of your emPower Total Rewards | $129,500* |
*The specific investment SPR makes to provide emPower benefits for each employee can vary.
emPower Benefits Can Help Reduce Income Taxes
If you join SPR, you’ll have the opportunity to participate in the SPR 401(k) Plan and Flexible Spending Accounts (FSAs) – both of which can significantly reduce the amount of income taxes you pay every year. Let’s continue with our example of an MPAT employee with an annual base salary of $70,000 per year.
Let’s assume this MPAT employee contributes ...
- 6% of eligible pay to the SPR 401(k) Plan
- $5,000 per year to the Health Care FSA to cover health care expenses for her spouse and two children, and
- $5,000 per year to the Dependent Care FSA to pay for day-care expenses so her spouse can work.
In our example, this employee would actually reduce her Federal income taxes by $3,550, just by contributing to the FSAs and participating in the SPR 401(k) Plan.
Factoring in the SPR Employee Stock Purchase Plan (ESPP)
Eligible employees are offered the opportunity to participate in the ESPP. The ESPP offers a convenient way to invest in SPR stock, often at a discount, through convenient payroll deductions.
A WORD ABOUT emPower BENEFITS FOR EVERYDAY
It’s difficult to put a price tag on things like being able to take time off to relax and rejuvenate, handle a personal or professional problem with the help of the EAP, receive reimbursement for education expenses, or just work in an environment of mutual respect that actively sponsors your learning, development, and career growth.
In fact, actual dollar values of these benefits are far less than the value of the benefit you actually receive. Keep this in mind as you weigh career opportunities.
MAKING YOUR DECISION
As you can see, emPower Total Rewards from SPR can represent a significant dollar amount for an SPR MPAT employee.
Should you be offered a position and if you subsequently decide to join SPR, we think you’ll find that these reward opportunities can continue to grow.
Choosing a career and an organization to join are important decisions – decisions that will have a major impact on the rest of your life. It is our hope that this information helps you make this important decision.
If you’re talented, innovative and want to be rewarded substantially for the contributions you know you can make, we hope you choose to explore opportunities with SPR.
