As energy markets around the world undergo restructuring and privatization, energy companies are changing to face a new era of competition and to meet the needs of customers at every level. Our diverse groups of employees have an entrepreneurial spirit that motivates them to look for better, more efficient ways of doing things.
MidAmerican's commitment to employees is demonstrated by providing opportunities for personal growth and development and through competitive compensation and benefits. In addition to market-based salary, our compensation package includes incentive programs to recognize and reward outstanding performance. Our benefits program is designed to meet the diverse needs of employees and their families today as well as in the future. Following is a list of the current benefits MidAmerican provides to employees.
Health and Welfare Benefits
MidAmerican realizes how important it is for our employees to have choices to meet their unique needs. We offer a comprehensive, flexible benefits package available on the first day of employment. MidAmerican pays the majority of the health care premiums; employees pay a portion of the cost, on a pretax basis.
- Tax-advantaged health savings account (HSA) used in combination with a high-deductible consumer-directed health plan including prescription coverage
- 100 percent coverage for preventive services
- No waiting periods or pre-existing condition limitations
- Choice of two dental plans
- 100 percent coverage for checkups and cleanings
- Cavity repair, root canals and restoration coverage
- Orthodontia (for dependent children)
Employee Assistance Program
- Eye exam, lenses or contacts and frames coverage
Flexible Spending Accounts
- Professional and confidential counseling services
- Legal, financial and family support including Internet services encompassing all of these areas
- Limited purpose flexible spending account for up to $5,000 per year on a pretax basis to pay for dental and vision expenses not paid by insurance
- Dependent care reimbursement account for up to $5,000 per year on a pretax basis to pay for day care expenses
Depending upon the circumstances regarding an illness or emergency, employees may qualify for the following benefits to assist financially.
- Short-term and long-term disability coverage at no cost to the employee
- Short-term disability of 75 percent of pay for up to six months
- Long-term disability coverage of 60 percent of monthly salary. Option to purchase additional coverage at 66.7 percent of monthly salary
Retirement and Financial Planning
- Company-provided life insurance of one times the employee's annual base salary
- Supplemental life insurance in increments of one to four times annual base salary
- Four levels of spouse life insurance (up to $120,000)
- Three levels of dependent life insurance (up to $15,000)
MidAmerican offers several vehicles to help employees plan for retirement. To support financial planning for the employee and his or her family, the benefits listed below are provided on the first day of employment.
Retirement Savings Plan – 401(k)
- Automatic, immediate enrollment for fixed contribution of 4 percent of pay, fully paid by the company. Vests three years from date of employment
- Employee contributions up to 75 percent of pay on a pretax or post-tax basis including Roth contributions
- Company matches 65 percent of the first 6 percent of pay contributed pretax or Roth
- A variety of investment funds as well as a self-directed investment option
- MidAmerican's performance determines the annual contribution to the 401(k) plan
- Personalized service to manage employees' retirement strategies
MidAmerican recognizes that employees work hard to support the company. In recognition of these efforts, there is no waiting period to receive paid time off and holiday benefits.
Paid Time Off
- Paid time off hours accrue each pay period based on years of service
- New employees receive two months of PTO accruals immediately, and additional PTO accrues each pay period after two months of employment
- Flexibility to build a PTO bank and use for personal situations
- Eight fixed holidays
- Two floating holidays
MidAmerican's employees are from a variety of backgrounds and are interested in opportunities for continuous learning. MidAmerican recognizes that desire and offers a variety of learning programs and career support to meet these needs. To show our support of continuous learning, MidAmerican offers tuition reimbursement after one year of employment.
Internal Job Opportunities
- Reimbursement of tuition and standard lab fees for coursework leading toward a business degree or course of study that relates to the business of MidAmerican (up to $5,250 per year)
- MidAmerican Learning Systems offers a variety of learning opportunities in many different formats including instructor-led courses, mentoring, coaching, e-learning and training resources from an internal library
Other Programs and Policies
- Online job posting allows employees to apply for positions within the company
To support a variety of other needs not covered by traditional benefit plans, MidAmerican offers the following programs and policies to meet employees' needs.
Global Days of Service
- Reimburses parents for eligible expenses up to a maximum of $5,000
- Recognizes volunteers who give back to the community. An annual fund is divided among those qualified organizations to which employees donate their time
- Matches donations made to eligible charitable organizations and educational institutions
- Employees receive service awards upon completion of five-year periods of service
- Subject to management's discretion, reimbursement may be available for company-allowed relocation expenses
- Our objective is to project a professional image while taking advantage of today's casual fashions for employees. Management at the department level determines the appropriateness of casual business attire, driven by customer interaction
This information highlights the MidAmerican benefits program and policies. If there is any discrepancy between this information and a plan document, the plan document will govern in all cases. MidAmerican reserves the right to add, delete, change or revoke these benefits and policies at any time, with or without notice. These benefits and policies do not create a contract between MidAmerican and any employee, nor do they create any entitlement.