Best Employee Benefits Ever: Nustar Energy?
Nustar: An Amazing Pension Plan
Beyond any other benefit, I love the fact that Nustar, which started in 2001, has bucked the corporate trend of moving away from pensions and offers their employees a very generous defined benefit pension plan. If you don’t know what this is or why it’s so awesome, check out my rant on the unfortunate decline of pensions.
According to Nustar’s site, their Pension Plan provides a benefit equal to 1.6% x Final Average Pay x Years of Credited Service. It’s important to note that the final average pay, which is defined as the highest three consecutive calendar years, includes base pay, overtime and bonus. Additionally, NuStar’s pension gives retirees their full salary for one-and-a-half times their years of service: work 20 years and get 30 years’ worth of your full pay.
This is amazing!! You would be crazy to leave their company.
More Nustar Benefits: But That’s Not All!
Additionally, Nustar offers the following:
- Annual bonuses to all employees.
- A thrift plan (401k): NuStar has a 401K match of $1 for every $1 contributed by the employee up to 6% of pay.
- Educational reimbursement program to support employees’ efforts to further their education. The program pays 80% of tuition, fees and books for full-time employees who are pursuing continuing education or undergraduate or graduate degrees.
- Fitness plans, etc., etc., etc.
Oh, did I mention that they have never had layoffs?
You can check out their entire employee handbook.
I applaud Nustar for their commitment to keeping their employees happy. This is a company who gets that attracting and keeping high level talent keeps everyone happy. Way to go guys.
Nustar Benefit Discussion:
- Does your employer offer a pension?
- Would you leave an otherwise similar company that doesn’t have a pension for one that does?