As an Oncor employee, you have access to several benefits that are designed to help you live a financially healthy life while building your savings for retirement.
Central to these money-focused benefits is our generous Oncor Thrift Plan.
You’re eligible to participate in the Oncor Thrift Plan from your date of hire. You can contribute up to 75% of your base pay through pre-tax, Roth, and/or after-tax payroll deductions, up to the legal annual maximum. You also get to choose how to invest your savings among the available options.
Oncor matches your contributions dollar for dollar, up to the first 6% of your eligible pay ($0.75 for every $1 saved for Traditional Retirement Plan Formula participants). Both your contributions and Oncor’s matching contributions are always 100% vested. Contributions are subject to federal limits, which may or may not change annually. These limits are capped higher for individuals age 50+, with the highest limit reserved for those age 60-63—to boost your retirement savings in the years immediately preceding the happy event. Both your and Oncor’s contributions together count toward the IRS-governed contribution limits. Click here for up-to-date figures.
If you don’t actively choose to participate or opt out when hired, you are automatically enrolled at a 6% contribution rate with pre-tax deductions. Your contributions are invested in the appropriate Target Date Fund. In addition, unless you make an election, your contribution rate automatically increases by 1% each year, up to a maximum of 15%. You can change your contribution rate or investment portfolio anytime by logging in to your account at NetBenefits.com.
At Oncor, we believe student debt shouldn’t hold you back from building your retirement savings. With the Student Debt Retirement Savings Match Program, Oncor treats your monthly student loan payment as a retirement contribution and matches it by contributing to your Thrift Plan (401k) account after the plan year ends.
To qualify, your federal or private student loans must be:
If you’re not contributing to your Thrift Plan or can’t contribute enough to get the full employer match, this benefit helps you reach your match potential. However, if you’re already contributing enough to receive the full match, you won’t be eligible for additional matching contributions.
The Oncor Retirement Plan provides eligible employees with additional retirement income funded entirely by Oncor. Retirement Plan benefits are provided through one of two benefit formulas: the Cash Balance Retirement Plan Formula or the Traditional Retirement Plan Formula.
Cash Balance Retirement Plan Formula
You are covered under the Cash Balance Retirement Plan Formula if you are at least 21 years old, have completed 12 months of service following your hire date, and are not covered under the Traditional Retirement Plan Formula. The company pays the entire cost of the plan by making Contribution Credits and Interest Credits each month to your retirement account.
You are fully vested in your Cash Balance Retirement Plan Formula benefit when you have three years of vesting service or when you reach age 65, whichever comes first. There is no partial vesting under the plan.
Traditional Retirement Plan Formula
Employees are under the Traditional Retirement Plan Formula only if they:
If you plan to retire in the next 18 months, attend a seminar to learn ways to ease into this next life phase. Watch the Oncor Intranet for details about upcoming seminars, held each spring and fall.
Contact Fidelity at NetBenefits.com or by calling 1.866.602.0629. For detailed information, view the Oncor Retirement Plan and Oncor Thrift Plan Summary Plan Descriptions (requires log-in to the Oncor intranet) or you can call Fidelity to request copies free of charge.
Get your financial information digitally organized in one place, including employer benefits, medical directives, insurance policies, wills and financial plans.
Whether you use it for your own financial planning or share it with elderly parents or loved ones, it provides peace of mind for you and those you care about.
Refer to the Summary Plan Description for the Oncor Electric Delivery Company LLC Employee Welfare Benefit Plan and other documents in the Resource Library. You may obtain a copy of the required legal notices at no cost by opening a case through myhrconnection.oncor.com. Go to HR Help and submit a case to the benefits team.
Options and programs described in this website, as well as other communication materials, are intended only to be summaries of certain provisions of Oncor’s employee benefit plan(s) (the “Plan”). Benefits communication materials from the Oncor Benefits Department update and modify certain provisions of the Plan and, as such, constitutes a summary of material modifications under the law. The programs are governed by formal plan documents, and, in the event of a discrepancy, the formal plan documents will prevail. Oncor reserves the right to amend and/or terminate any or all of its benefit programs, in whole or in part, from time to time. The employee benefits offered through the Plan are optional. Any recommendations of any of the third-party administrators or insurers, or in- network/out-of- network designations are made solely by the applicable third-party administrators and/or insurance carriers, not by Oncor or the Plan.