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It’s Your Future—Save for It!

Need a convenient way to save for your future retirement? Looking for solid investment guidance? Want to be rewarded for your long service?

The Dominion Energy Salaried Savings Plan (also called the Savings Plan) gives you these things and more!

How the Dominion Energy Plan Works

With the Dominion Energy matching contribution and the tax advantages of this plan, non-union employees will want to join as soon as you can to maximize your savings.

  • You decide how much you want to save. You can save between 2% and 50% of your compensation on a tax-deferred or after-tax basis. (If the IRS considers you a “highly compensated” employee, you may not be able to save as much.)
  • Dominion Energy matches your contributions:
For Dominion Energy East employees hired before January 1, 2008 and Dominion Energy West employees hired before July 1, 2010: For Dominion Energy East employees hired on or after January 1, 2008 or Dominion Energy West employees hired on or after July 1, 2010 (or rehired on or after that date following a five-year break in service)
  • Fewer than 20 years of service: Dominion Energy matches your contributions at 50¢ for every $1 you contribute, up to the first 6% of your compensation*.
  • 20 or more years of service: Dominion Energy matches your contributions at 67¢ for every $1 you contribute, up to the first 6% of your compensation*.

Dominion Energy matches your contributions dollar-for-dollar, up to the first 4%, 5%, 6% or 7% of your compensation*, depending on your years of service:

  • Less than 5 years: Dominion Energy matches $1 for every $1 you contribute, up to 4% of your compensation.
  • At least 5 years, but less than 15 years: Dominion Energy matches $1 for every $1 you contribute, up to 5% of your compensation.
  • At least 15 years, but less than 25 years: Dominion Energy matches $1 for every $1 you contribute, up to 6% of your compensation.
  • 25 or more years: Dominion Energy matches $1 for every $1 you contribute, up to 7% of your compensation.

* Compensation is your actual base pay received, excluding commissions, overtime, bonuses, fees, allowances and other special payments. Compensation includes merit lump sum payments. A “merit lump sum payment” is any monetary award, or portion of a monetary award, for individual performance paid as a lump sum in lieu of a base salary increase as part of Dominion Energy’s merit pay program.

  • You own the money. Vesting is your right to the money in your account. You are always 100% vested in your contributions. You are vested in the matching contributions after three years of service.
  • You enjoy tax advantages. You don’t pay taxes on your pre-tax contributions, the Company matching contribution and your investment earnings until you withdraw them from the plan (unless you choose to make after-tax contributions).
  • You decide how to invest your money. You can invest your account balance in any combination of 11 core investment options and 11 retirement target date funds. Learn more about the core investments on the Dominion Energy Savings Plan website (click “Fund Information”) and retirement target date funds. Plus, you can get expert financial advice from Financial Engines with online advice or professionally managed accounts.
  • You have control over your money. If you leave Dominion Energy, you can take your vested account balance with you (taxes and penalties may apply) or roll it over into an IRA or similar account.

Click on the "Fund Information" link on the left navigation pane to access information on all of Dominion Energy’s funds."

Eligibility

Who Is Eligible


You are eligible to participate in the Savings Plan on the date your employment begins if you meet all of these conditions:

  • You are employed by Dominion Energy as a regular full-time or part-time employee.
  • You are at least 18 years old.
  • You are a non-union employee.
  • You are scheduled to work or actually work at least 1,000 hours in a 12-month period.

Who Is Not Eligible


You may not participate in the Savings Plan if any of the following applies to you:

  • You are an independent contractor.
  • You are a contractor hired through an agency.
  • You are a “leased” employee.
  • You are a member of a collective bargaining unit that has not accepted the terms of the Savings Plan.
  • You are a non-resident alien.
  • You are employed by Dominion Energy on a limited-term basis or with respect to specific tasks or projects.
  • You are classified by Dominion Energy East as a co-op student or work-study employee (including interns).

Enrolling in the Plan

Once you become eligible, non-union employees enroll in the Savings Plan by visiting the Dominion Energy Savings Plan website. You may also call the Dominion Energy Savings Plan HelpLine at 1-877-706-7283. Customer service representatives are available from 9:00 a.m. to 8:00 p.m., Eastern Time, Monday through Friday.

For Dominion Energy East employees hired on or after January 1, 2008 and Dominion Energy West employees hired on or after January 1, 2018, you are automatically enrolled in the Savings Plan for a contribution equal to 4% of your compensation. Your enrollment takes effect approximately 45 days after your initial hire date (or the first date you otherwise meet the Savings Plan eligibility requirements).

At any time before or after your automatic enrollment period, you may elect to enroll in the Savings Plan at a contribution rate higher or lower than 4%, or you may opt out of participating in the Savings Plan. Enrollment elections take effect as soon as administratively feasible following the date on which you make your election, depending on when you call or log in and the payroll change cutoff dates.

You Make the Decisions

When you enroll, you’ll need to decide:

  • The percentage of compensation you want to save.
  • How much of your contributions are pre-tax, after-tax or both.
    Note: Pre-tax contributions you make to the Savings Plan won’t reduce your compensation for the purpose of calculating other benefits, such as retirement, life insurance and Social Security contributions. Your pre-tax deductions for health care benefits also will not reduce your compensation for the purpose of calculating your contributions to the Savings Plan.
  • How to invest your contributions.
  • If you want to participate in the stock dividend reinvestment program (if you are investing in the Dominion Energy Company Stock Fund).

Naming Your Beneficiary

It’s important to name a beneficiary when you enroll in the plan. You may make or change your beneficiary designation online through the Dominion Energy Savings Plan website. If you prefer to complete a paper beneficiary form, you can request one from the Dominion Energy Savings Plan HelpLine at 1-877-706-SAVE (1-877-706-7283).

If you are married and name someone other than your spouse as your beneficiary, your spouse must sign the spousal consent portion of a Beneficiary Authorization Form in the presence of a notary public. After the completed form is received and reviewed, you will receive a confirmation of your elections in the mail.

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

Tips and Resources

While you’re thinking about retirement, check out these other helpful tips!.