Canadian compensation & benefits

IBERDROLA RENEWABLES is proud to provide a variety of benefit programs to contribute to the health, well being and financial security of its Canadian employees. A brief description of these benefits follows. This summary is for general information only.

Compensation
Personal Time Off (PTO) Program
Health and Dental Plans and Health Spending Account
"MyPerks" Program
Disability Insurance
Life Insurance
Employee Assistance Program
Retirement

Compensation
We offer a multi-tiered compensation package to encourage employees to excel. Your compensation package includes:

Competitive base pay
An opportunity to earn annual bonuses
Recognition programs
Performance-based increases in pay
Long-term incentive programs (including our unique VAR program which allows employees at all levels of the organization to share in the financial rewards of the company's growth.)

Personal Time Off (PTO) Program
This unique benefit combines all paid time off for vacation, short-term illness and personal business into one flexible "bank." This bank is yours to use as you wish, subject to operational requirements. The amount of time allocated to the bank depends on your service with the company. New employees receive four weeks yearly. With added service, this annual allocation increases as follows:

5-14 years of service = five weeks of personal time per year
15-24 years of service = six weeks per year
After 25 years = seven weeks per year

We provide 11 paid holidays per year.

Health and Dental Plans and Health Spending Account
Basic health and dental coverage, including out-of-country emergency medical insurance, is fully paid by the company. In addition, a significant "health spending account" (HSA) is available to cover health related expenses not covered by the basic plans. While the HSA is fully employer funded, employees have the option of contributing part of their salary in "pre-tax" dollars for maximum tax effectiveness.

"MyPerks" Program
All Canadian employees enjoy a unique flexible "perks" program designed to address issues associated with high parking costs and a shortage of company parking stalls. Where company parking is available, employees pay for the costs with a "MyPerks" spending account. If employees do not wish to have a parking spot, or if none are available, they receive the equivalent funds that can be spent on perks of their choice.

Disability Insurance
The benefits plan includes a company paid short-term disability (STD) plan and an employee paid long-term disability (LTD) program.

Life Insurance
All employees are covered by the following group insurance plans:

Employee life insurance, two times annual salary
Employee accidental death and dismemberment insurance (AD&D), an amount equal to employee life
Dependent life insurance

The company and the employee share the cost of employee life and AD&D equally. Dependent life is employee paid.

In addition, the group plan offers a number of life insurance and AD&D options for employee, spousal or family coverage.

Employee Assistance Program (EAP)
A company paid EAP is available to employees and their families. The EAP provides confidential assistance for personal problems such as addictions, relationships and financial problems.

Retirement Savings Programs
IBERDROLA RENEWABLES sponsors three programs designed to provide retirement benefits for employees:

Registered Retirement Savings Plan (RRSP). Employees contribute to the group RRSP on a tax-deferred, voluntary basis by payroll deduction. Any amount may be contributed, up to the maximum allowed by the Income Tax Act.
Non-Registered Savings Plan (NRSP). This plan is similar to the group RRSP; however, it is not "tax sheltered". Employees contribute to the NRSP on a voluntary basis by payroll deduction. Any amount may be contributed.
Deferred Profit Sharing Plan (DPSP). Depending on length of service, IBERDROLA RENEWABLES contributes from three percent to seven percent of each employee's base salary to the DPSP. While employees may not contribute to this plan, the company "matches" employee contributions to either the RRSP or the NRSP by making extra contributions to the DPSP, up to a maximum of seven percent depending on service.