Your Pension Plan

Retirement experts believe you will need between 70% and 80% of your pre-retirement income to maintain your pre-retirement standard of living when you retire. If you’re eligible, a portion of your retirement income will come from the Dominion Energy Pension Plan. (It may also come from other sources. When planning for retirement, it helps to take a look at your entire retirement picture.)

When You Become Eligible

You are eligible if you are a full-time or part-time Dominion Energy employee scheduled to work or who actually works at least 1,000 hours in a 12-month period. Your participation begins on your date of hire or your 18th birthday, whichever is later.

You are not eligible to become a Pension Plan member if you are any of the following:

  • An independent contractor
  • A contractor hired through an agency
  • A “leased” employee
  • A member of a collective bargaining unit that has not accepted the terms of the Pension Plan
  • A non-resident alien

No Enrollment Required!

Once you meet the eligibility requirements, you automatically become a participant. You don’t have to enroll and you don’t have to contribute. Dominion Energy pays 100% of the cost of the benefit.

The benefit you receive at retirement will depend on when you were hired at Dominion Energy:

For Dominion Energy East employees hired before 2008 and Dominion West employees hired before July 1, 2010, your benefit is made up of two parts:

  1. Traditional Pension Formula—Your benefit is calculated using a formula based on your age at retirement, final average earnings, estimated Social Security benefit and credited service.
    Once you are vested, you can begin receiving Dominion Energy Pension Plan benefits as early as age 55 when your employment with Dominion Energy ends. You can also keep working after age 55 and continue earning benefits.
    Benefits under the Pension Plan are payable over your lifetime and, depending on which payment option you select, continuing over the lifetime of your spouse or other beneficiary after your death.
  2. Special Retirement Account—A Special Retirement Account (SRA) is automatically credited with 2% of your pay each month. You will continue to receive monthly credits to your account until you leave Dominion Energy, even if you have reached your credited service maximum under the Plan.
    Your account will grow with daily interest established in accordance with IRS guidelines. Because the SRA works like a money market fund, your principal and accumulated interest will not decrease over time. The SRA is paid in addition to the Traditional Pension benefits calculated under the benefit formula.
    When you leave Dominion Energy, you may receive your SRA account as an immediate lump sum, a monthly benefit or a deferred monthly benefit payable when you start to receive your regular pension benefit from the plan.

For Dominion Energy employees hired in 2008 and later and Dominion West employees hired on or after July 1, 2010, your benefit is calculated using a “Cash Balance” Pension Formula:

Your benefit is based solely on amounts credited to a Cash Balance account on your behalf. With a Cash Balance Formula, your account is credited with a percentage of your pay each month, depending on your years of credited service. The longer you stay with Dominion Energy, the larger your account balance becomes.

Cash Balance Plan Credits
Less than 5 years of service 4% of pay
5 to 15 years of service 5% of pay
15 to 25 years of service 6% of pay
25 or more years of service 7% of pay

Special rules may apply to employees who are rehired after leaving Dominion Energy.

When Your Benefit Payments Begin

Under the Traditional Pension Formula and Special Retirement Account, you may retire and receive a normal retirement benefit the first day of the month on or after your 65th birthday. You’re eligible for early retirement on the first day of the month on or after your 55th birthday with three years of vesting service.

Under the Cash Balance Pension Formula, you may leave Dominion Energy at any age with three years of service and may begin immediate distribution of your benefit.

When You Become Vested (Earn a Right to a Benefit)

Vesting is your right to a benefit from the plan. You become fully vested when you complete three years of vesting service (including vesting service with an acquired company) or reach age 65. You start earning vesting credit when you become eligible for the Pension Plan.

Beneficiary Elections

If you are married, your spouse is automatically the beneficiary for your Pension Plan benefits, unless your spouse provides a written notarized consent for you to name someone else as beneficiary.

If, at the time of your death, you are not married and have not designated a beneficiary, your estate will be your beneficiary.

Pension Tools at Your Fingertips, and on the Go!

If you participate in the Pension Plan, you can visit the Your Benefits Resources™ website to see your benefits information from any computer at any time. You can use this website to run projections of your retirement benefits, check your beneficiaries or read more about the retirement plan provisions. You can also visit from your BlackBerry, Android or iOS mobile device. Whether checking retirement eligibility or your Cash Balance plan, you have quick access to all your pension information from anywhere.

Your Benefits Resources is a trademark of Hewitt Associates LLC.