benefit plan review: delivering value - cps energy · 2019-12-17 · •highlight plan performance...
TRANSCRIPT
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BENEFIT PLAN REVIEW: DELIVERING VALUE
PRESENTED BY:
Debra WainscottSr Director, People Services
December 6, 2019
In fo rmat iona l Update
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OBJECTIVES
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• REVIEW WORKFORCE DATA
• PROVIDE INSIGHT INTO THE MANAGEMENT & GOVERNANCE OF CPS ENERGY’S PENSION PLAN
• HIGHLIGHT PLAN PERFORMANCE & VALUE TO THE BUSINESS
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AGENDA
• DRIVING PLAN VALUE
• WORKFORCE OVERVIEW
• PLAN & GOVERNANCE
• PENSION TRUST INVESTMENTS
• UTILITY INDUSTRY BENCHMARKING
• SUMMARY – DRIVING STRONG VALUE FOR OUR WORKFORCE
• DISCUSSION & QUESTIONS
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DRIVING PLAN VALUE
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OUR PROACTIVE MANAGEMENT TEAM IS DRIVING PLAN VALUE FOR OUR WORKFORCERETAINING CRITICAL SKILLS & TALENT
• Benefits are important to our employees and drive retention of skilled, mid-career employees at all levels.
• Our workforce is heavily reliant on STEM/STEAM skills, which are in high demand in fast-growing San Antonio/South Texas.
• Complex future increases the importance of retaining our current employees & attracting future talent.
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WORKFORCE OVERVIEW
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WORKFORCE SNAPSHOT
3,155FTEs as of 12/31/18
23% 77%
2018 Avg Age / Tenure
44 / 15
BASIC DATA
• Active employees/positions have been maintained at about 3,150 – 3,200 since 2014. All-time high was 4,800+ in 2003.
• Our workforce remains largely male, likely driven by the physical nature of energy generation & delivery. The office functions have a more natural split/representation.
• Average age and tenure dropped by almost a year from 2017 to 2018, as we see more retirees depart.
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WORKFORCE SNAPSHOT
25%
51%
24% BoomerGeneration XMillennial
51%41%
6%2%
Hispanic/LatinoWhiteBlack or African AmericanAsian
Generation
Ethnic Origin
Pay Designation
Boomer 1946-1964Gen X 1965-1979Millennial 1980-2000Gen Z 2001-now
Millennials/Gen Z are more likely to select multi-ethnic or skip identifying by category.
Executive – Director, VP, ChiefSalaried Exempt – Analysts, professionals & front line managers, no overtimeSalaried Non-Exempt –Technicians, Administrative Assistants, eligible for overtimeSkilled Craft – Trades, Journeymen, Utility Workers, eligible for overtime.
4%
30%
24%
42%Executive
Salaried Exempt
Salaried Non-Exempt
Skilled Craft
DEMOGRAPHIC INSIGHTS
• The utility industry is facing dramatic shifts in workforce; CPS Energy is better positioned than many industry peers with more Baby Boomers.
• Racial/Ethnic diversity closely mirrors Bexar County.
• Salaried technician roles have increased as technology has evolved and human tasks have shifted to trouble-shooting & analysis.
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WORKFORCE SNAPSHOT
6.2%2018 Annual Turnover
18%2018 Annual Turnover with @3 Years or less tenure
37%Retirement Eligible w/in 3 years
TURNOVER INSIGHTS
• Enterprise turnover is holding steady at 6 to 7%, which is modest.
• Turnover for short-tenured employees has dropped as Customer Success has stabilized, but retention of Millennials remains challenging.
• Average age and tenure dropped by almost a year from 2017 to 2018, as we see more retirees depart.
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OUR PENSION IS A TOOL
• Base compensation is market competitive.– We use bracketed and overlapping pay grades.
– We generally pay at the 50th compensation percentile.
Note: Accordingly, our base pay is a good foundation, but not a differentiator.
• San Antonio competition remains fierce in STEM/STEAM
fields. Unemployment has remained steady at 3%. For some
job types, it’s 0%!
FOR RETENTION & RECRUITMENT
Our Defined Benefit (DB) plan contributes to low turnover, and
retention of highly skilled, mid-career employees at all levels.
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OUR PENSION IS A TOOL
• Retention of our skilled craft employees is critical:
– We invest 8+ years / ~$400,000 to “make” a proficient, card-carrying
electric journeyman.
– More than half of that investment is for the instruction and specific
training hours in our multi-year, Department of Labor-accredited
apprentice program.
FOR RETENTION & RECRUITMENT
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RETIREMENT ELIGIBILITYBY AGE & YEARS OF SERVICE
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Over 40%
of our
workforce is
within a few
years of
retirement
eligibility.
544
779
38
Total retirement eligible within 5 years 1361
÷ total active workforce 3155
= percent retirement eligible within 5 years 43%
Within 5 years of early retirement
Eilgible for early retirement
Eligible for normal retirement
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PLAN & GOVERNANCE
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PLAN BENEFIT OVERVIEW
• Defined Benefit (DB) retirement plan provided since 1982.
• Employees must complete 1 year of service before they can participate.
• Retirement eligibility:– Age 55, with 11 years of service (10 years in the plan + 1 year to vest)– 26 years of service (25 years in the plan + 1 year to vest)– Age 65
• Formula is based on age, years of service, & average compensation.
• 3,000 active employees; 2,500 retirees participating.
• Vast majority of employees do not take cash-out/lump sum option.
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EMPLOYEES VEST @ AGE 40 / 7 YEARS' SERVICE
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GOVERNANCE OVERVIEW
External
InvestmentManagers (IMs)
External
Actuarial Consultants
External
Investment Brokers
External
Investment Consultant
Internal
ADMINISTRATIVE COMMITTEEActive Employees, Including a Labor
Representative & a Retiree(7 Members Total)
(& a Pool of Alternate Observers Designated by the President & CEO)
Internal
President & CEO
Internal
EMPLOYEE BENEFITSOVERSIGHT COMMITTEE
(EBOC)President & CEO, CFO & Board
Audit Committee(4 Members Total)
BOARD
• Engage Consultants, IMs, Custodial Trustees, Actuaries, Property Managers, Third Party Administrators, etc.
• Monitors Regulatory Compliance (Pension Review Board, GASB, etc.)
• Has Fiduciary & Training Accountability for all Plans
• Accepts each Plan’s Audited Financials
• Approves Actuarial Assumptions
• Analyzes & Recommends Plan Changes, Employee / Employer Contribution Rates & Annual Cash Funding & Expense
• Recommends Investment Policies, Including Revisions to the EBOC
• Oversees & Monitors the Performance of Invested Funds
• Recommends Annual Funding via Budget Process
• Appoints / Removes Observers & Addresses other Succession Planning Recommendations
• Participates on EBOC
• Reviews / Approves Administrative Committee Appointments / Removal
• Reviews / Approves:
• Plan Changes
• Trust Changes
• Investment Policy
• Plan Premiums
• Engages External Plan Auditors
• Prepares Annual Letter to Board Regarding the State of Affairs of all Plans
• Adopts & Terminates Plans / Trusts
• Approves Annual Expense & Cash Flow Funding via Budget Process
• Oversees the President & CEO & EBOC Actions with Respect to Plans / Trusts
• Approves the Statement of Governance
The expected return on assets (EROA) is an example of the closely monitored
assumptions, with consultation from our investment advisors & actuaries.
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EMPLOYEE BENEFITS OVERSIGHT COMMITTEE
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John SteenCommittee Chair
Chair, Board of Trustees
Dr. Willis MackeyMember, Board of Trustees
Paula Gold-WilliamsCPS Energy
Chief Executive Officer
Delores Lenzy-JonesCPS Energy
Chief Financial Officer
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ADMINISTRATIVE COMMITTEE MEMBERSHIP
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Paul BarhamChair
Sr VP, Delivery, Engineering, Integrated Planning, Substation &
Transmission
David JungmanVice Chair
Sr Director, Business & Economic Development
Richard MedinaMember
VP, Grid Transformation & Engineering
Lois EmersonMember
Retiree Representative
Shannon AlbertMember
Sr Director, Treasury
Paul WhiteMember
Labor Representative
Paul EscamillaMember
Sr Manager, Special Rates & Regulatory
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ADMINISTRATIVE COMMITTEE MEMBERSHIP
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SUPPORT / NON-VOTING
Debra WainscottEx-Officio
Nonvoting MemberSr Director,
People Services
Shanna WadsworthSecretary
Manager, Benefits Trust Administration
Delores Lenzy-JonesEx-Officio
Nonvoting MemberChief Financial Officer
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Trish VillaDirector, Construction &
Maintenance
ADMINISTRATIVE COMMITTEE MEMBERSHIP
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SUCCESSION PLANNING – CURRENT OBSERVERSPPORT
Yvette Cardiel-PerezDirector, Chief of Staff Chief Administrative & Business Development
Office
James BostonManager, Strategic
Research & Innovation
Mike FuentesDirector, Gas Operations
& Construction
Rodney JonesWarehouseman
Labor Representative
Ben JordanDirector, Labor Engagement
Jeff KruseSr Director, Coal/Gas
Generation Operations
Veronica UriegasInterim Director,
Compensation & Benefits
Maria GarciaVP, Community Engagement
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“You have a solid plan—I’m interested in hearing more about how you achieved
such strong returns.”
JOE NATION, PH. D.THE PRACTICE OF PUBLIC POLICY, STANFORD UNIVERSITY
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PENSION TRUST INVESTMENTS
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WILSHIRE CONSULTING
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INVESTMENT GUIDANCE IS ROBUST
Significant DB Plan Expertise
• 40 corporate DB plan clients plans representing $78.6 billion under advisement
Proactive Ideas to Add Value for the
Trust
• Opportunities to increase potential returns while reducing risk
• Potentially lower investment management fees
Understanding of
CPS Energy
• Served CPSE since 2010
• Partner with many other energy and utility companies
Consulting & Research
70+ Professionals
Discretionary Solutions
75+ Professionals
Risk Management & Portfolio Analytics100+ Professionals
Wilshire recently provided an investment update to the Employee Benefits Oversight Committee.
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PENSION TRUST ALLOCATION
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WE CULTIVATE A DIVERSE PORTFOLIOAsset Class % of Asset Class
US Equity 35.00%
Non-US Equity 10.00%
Global Low-Volatility Equity ("Low-Vol") 7.50%
Total Equities 52.50%
US Core Fixed Income 10.00%
High Yield Fixed Income 7.50%
Global Fixed Income 2.00%
Emerging Market Debt ("EMD") 2.00%
Bank Loans 4.00%
Total Fixed Income 25.50%
Real Estate 10.00%
Hedge Funds/Absolute Return 5.00%
Master Limited Partnerships ("MLPs") 7.00%
Total Alternatives 22.00%
Total 100.00%
With investment
consultant
guidance, the
Plan’s asset
allocation targets
were updated in
2017 to reduce risk
while increasing
returns.
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-$0.60
-$0.20
$0.20
$0.60
$1.00
$1.40
$1.80
-25.0%
-15.0%
-5.0%
5.0%
15.0%
25.0%
35.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Billions o
f D
ollars
% R
etu
rn
Pension Returns Pension Plan Net Assets
Since 1983 = 9.6%10-year return = 9.4%YTD Oct 2019 ≈ 13.5%
$0.81billion
$1.52billion
7.25% EROA
ASSETS CONTINUE TO DELIVER VALUEEVEN AS MARKETS FLUCTUATE
Expected Return on Assets (EROA)
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0.0%
Pension asset investment performance has been exceptionally strong since inception, with average annual growth of 9.6% & 13.5% YTD.
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BENCHMARKING
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NATIONAL TRENDSPENSION PLANS ARE STILL VIABLE
• For state and local government
employees, a defined benefit plan
remains the norm at 77%.
• Only 13% of private industry employers
offer traditional defined benefit pension
plans.
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Source: Bureau of Labor Statistics, March 2018; Willis Towers Watson
53% of Utility Industry employers
offer a defined benefit retirement
plan today.
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SUMMARYOUR PENSION PLAN DRIVES STRONG VALUE FOR OUR WORKFORCE
• Benefits are important to our employees and drive retention of skilled, mid-career employees at all levels.
• Our workforce is heavily reliant on STEM/STEAM skills, which are in high demand in fast-growing San Antonio/South Texas.
• Complex future increases the importance of retaining our current employees & attracting future talent.
Discussion & Questions
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Thank You
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