Total rewards: attracting and retaining the best
TECO Energy provides a work environment with compensation, growth opportunities and tools to find and keep valued team members.
TECO Energy provides a total rewards package that aligns with our business strategies and offers competitive rewards for individual and organizational performance and accomplishments.
- Base pay is based on competitive market data. Periodically, jobs are reviewed against matching market data to ensure they remain competitive.
- Incentive pay (otherwise known as variable pay) opportunities are determined by competitive market data, with pay delivery based on individual accomplishments, business-unit financial performance and achievement of corporate objectives. The Performance Sharing Program (PSP), a broad-based incentive program, gives non-exempt, exempt and covered team members the opportunity to share in the company's success when pre-established goals are met. Separate cash-incentive programs focus on the performance of the company's officers and key team members. These programs provide the opportunity for an incentive payout when certain predetermined quantitative and qualitative goals are achieved.
- The long-term incentive program allows company officers and certain key team members to receive annual restricted stock grants. The annual grant is awarded in performance-based (70 percent) and time-based (30 percent) restricted stock, which can vest after a period of three years. The aim of the LTI program is to encourage team members who are key to the success of the company to remain employed over a period of time.
Health and Wellness
TECO Energy provides a comprehensive health and wellness program to ensure the well being of its full- and part-time team members. It includes:
- Health coverage, which includes health care, preventive care, vision care, dental care, prescription drugs, employee assistance program (EAP), wellness and flexible spending accounts. The company offers a consumer-driven health plan that seeks to hold down costs while ensuring a healthy workforce through preventive health care covered at 100 percent and on-site health care screenings. EAP serves both team members and their families, offering assistance with personal problems that might otherwise interfere with work performance, attendance, conduct or safety.
- A wellness program – Healthy Edge – is part of our health care offerings is a program designed to help team members and their families take an active role in managing their health.
All full-time and part-time team members working 20 hours or more per week and based in the United States are eligible for the company's two retirement plans:
- Defined Benefit - TECO Energy sponsors a defined benefit plan for all team members of the U.S. who become eligible for the plan after reaching age 21 and have at least one year of service. It is completely funded by the company.
- Defined contribution - Another plan, the defined contribution plan, is a 401(k). This plan allows team members to contribute up to 50 percent of their compensation on a before-and after-tax basis. TECO Energy matches team member contributions in two ways: with a fixed match and with an annual performance match based on achievement of certain company operating goals. Together, the total match could be up to 6 percent of team member pay.