New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Why Dominion Energy Employees Should Consider These Top Retirement Locations for Affordability and Ideal Weather

Healthcare Provider Update: Healthcare Provider for Dominion Energy: Dominion Energy primarily partners with Anthem Blue Cross Blue Shield to provide health insurance coverage for its employees. This collaboration helps in offering healthcare services and benefits tailored to meet the needs of the workforce. Potential Healthcare Cost Increases in 2026: As the healthcare landscape evolves, Dominion Energy employees may face significant increases in healthcare costs by 2026. Predictions indicate that health insurance premiums for many ACA marketplace plans could soar by over 60%, largely due to the expiration of enhanced federal subsidies and skyrocketing medical costs. This combination threatens to impact household budgets, potentially raising out-of-pocket expenses for nearly all marketplace enrollees. Consequently, preparing for these anticipated costs in advance will be crucial for individuals and families who rely on these services. Click here to learn more

'Dominion Energy employees nearing retirement should consider cities like Cary, North Carolina, that balance affordable living, great weather, and top-tier healthcare, as these factors are essential in ensuring a financially comfortable and healthy retirement.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Retirees from Dominion Energy companies should prioritize locations that offer both cost-effective living and excellent healthcare, such as Cary, North Carolina, ensuring a fulfilling and stable retirement experience.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The best affordable cities for retirement, with a focus on Cary, North Carolina.
How weather and cost of living are key factors for Dominion Energy employees planning their retirement.
The importance of healthcare access in choosing a retirement destination.

Combining great weather with affordability, Cary, North Carolina, has emerged as one of the top spots for Dominion Energy employees planning their retirement. Located just nine miles west of Raleigh, this charming city offers retirees a year-round climate with temperatures between 32°F and 89°F. With an average monthly cost of living of $3,615, Cary provides an excellent balance of affordable housing and beautiful weather—two key considerations for Dominion Energy employees looking to make the most of their retirement years.

Cary's exceptional quality of life is reflected in its impressive livability score of 90 out of 100. The city offers a community that supports retirees, with 12% of its population being over 65, according to GoBankingRates. The temperature is generally mild, though seasonal fluctuations are expected, with the hottest months being late May through early October. Despite some fluctuations, Cary's facilities, low crime rate, and healthcare services all earned favorable ratings, even though its cost of living score on AreaVibes was slightly lower.

Cary is not the only city with the perfect mix of affordability and great weather for retirement. For example, Metairie, Louisiana, scored 84 out of 100 on the livability scale. This city boasts a reasonably low cost of living, a mild climate, and a hint of Southern charm. For Dominion Energy retirees seeking relief from the hotter Southern U.S., Perry Hall, Maryland, is an excellent option due to its consistently milder temperatures.

With its reasonably priced housing and dry, sunny climate, Laughlin, Nevada, offers the lowest anticipated monthly cost of living on the list for retirees who are considering the desert lifestyle. In contrast, Oro Valley, Arizona, located in the heart of the Sonoran Desert, is particularly attractive to retirees, with more than one-third of its population being 65 or older. The area's year-round, outdoor-friendly temperatures further enhance its appeal.

Although Florida remains a popular retirement destination, the living costs in cities like Miami and Orlando can surpass $60,000 annually. High real estate prices and increasing property taxes might deter some retirees from making the move. For those still drawn to Florida's warm climate, alternatives like Perry Hall and Metairie offer similar weather conditions but at a more affordable cost of living.

GoBankingRates compiled a detailed list of affordable and appealing retirement destinations in 2024 by evaluating cities on several criteria, including rent, weather, cost of living, and overall desirability. At the top of the list is Cary, North Carolina, with its active retiree community and temperate climate. Laughlin, Nevada, and Oro Valley, Arizona, also stand out as great retirement options, showcasing that there are plenty of affordable places to retire while still enjoying a comfortable and pleasant lifestyle.

When planning retirement, Dominion Energy employees must strike a balance between living costs and a healthy, active environment. Whether in Cary or another well-regarded location, retirement planning should factor in both lifestyle preferences and financial considerations to help create a fulfilling retirement experience.

In addition to affordability and pleasant weather, healthcare access plays a critical role in selecting a retirement location. Cary, North Carolina, stands out for its top-notch healthcare offerings, including facilities like WakeMed Cary Hospital. U.S. News & World Report (March 2024) named Cary as a top choice for retirees who value both financial stability and healthcare quality, making it an ideal place for Dominion Energy employees nearing retirement.

If you're looking for an affordable and desirable retirement destination, Cary, North Carolina, with its 90/100 livability score, is one of the best cities for retirees. Offering a mild climate, affordable living costs, and excellent healthcare services, it's a standout location. Other affordable places with favorable weather for retirement include Metairie, Louisiana, and Oro Valley, Arizona. Discover why these cities are gaining popularity due to their appealing combination of amenities, climate, and affordability.

Choosing the right retirement destination is much like selecting the perfect vacation spot: it should offer the amenities you desire, such as great weather, reasonable prices, and convenient access to the services you need. Like a year-round vacation, cities like Cary, North Carolina, and Metairie, Louisiana, provide a perfect mix of relaxation, adventure, and practicality, allowing Dominion Energy retirees to enjoy both financial comfort and peace of mind. These locations promise a long-term 'staycation' with affordable living, pleasant weather, and excellent healthcare throughout the year.

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Sources:

1. GoBankingRates. “12 Surprisingly Affordable Cities With Great Weather for Retirees.” GoBankingRates , October 2024, pp. 1-2.

2. U.S. News & World Report. “The 2 Best Independent Living Communities in Cary, NC.” U.S. News & World Report , March 2025, pp. 1-3.

3. Investopedia. “Why Arizona Could Be the Perfect Retirement Destination for You.” Investopedia , May 2025, pp. 1-2.

4. CarePatrol. “Beyond Cost: A Different Perspective on Choosing a Retirement Location.” CarePatrol , April 2025, pp. 1-2.

5. Nasdaq. “Retirement Relocation: Choosing the Perfect Place to Call Home.” Nasdaq , April 2025, pp. 1-2.

What specific factors should employees consider when evaluating their retirement benefits under the Dominion Energy Pension Plan, particularly those who were hired before July 1, 2021? Employees should understand how their age, final average earnings, and credited service impact their monthly retirement benefits. Additionally, what changes might be relevant for those who have transitioned to a different retirement plan under Dominion Energy since 2021?

Evaluating Retirement Benefits: Employees hired before July 1, 2021, should consider factors like age, final average earnings, and credited service when evaluating their Dominion Energy Pension Plan benefits. The formula for calculating benefits includes 1.8% of the final average earnings, multiplied by credited service, minus an estimated Social Security benefit. For those who have transitioned to a Cash Balance Pension Plan after 2021, the benefits are calculated differently, based on employer contributions to the employee's Cash Balance Account.

How does the Special Retirement Account feature within the Dominion Energy Pension Plan complement the traditional pension benefits for employees hired before 2008? Employees need clarity on how this account accumulates funds, the impact of contributions and interest credited according to IRS guidelines, and how it influences overall retirement income during their retirement years.

Special Retirement Account (SRA) Benefits: The Special Retirement Account (SRA) is an additional benefit for employees hired before 2008. This account is credited with 2% of an employee's pay each month and accumulates interest according to IRS guidelines. The SRA can be taken as a lump sum or an annuity, providing extra retirement income. Employees can choose to receive it alongside their traditional pension, enhancing their overall retirement benefit.

For employees considering early retirement options under the Dominion Energy Pension Plan, what are the potential financial implications? Specifically, how are benefits calculated for those who retire before age 65, and what penalties or reductions in monthly benefits must they be aware of regarding their overall retirement strategy?

Early Retirement Financial Implications: For employees considering early retirement, benefits under the Dominion Energy Pension Plan are reduced if taken before age 65. Specifically, the reduction is 0.25% per month for retirement between ages 58 and 60 and 0.50% per month for ages 55 to 58. This results in up to a 24% reduction in benefits if an employee retires at age 55, influencing their overall retirement strategy.

What are the steps Dominion Energy employees must undertake to ensure their beneficiaries are properly designated within the pension plan? This includes understanding the implications for both married and unmarried employees regarding survivor benefits and how to ensure that their wishes are reflected in the beneficiary designations as per the plan's requirements.

Beneficiary Designations: Dominion Energy employees should ensure their beneficiary designations reflect their wishes. For married employees, the spouse is automatically the beneficiary unless a different person is designated with spousal consent. Unmarried employees can choose any beneficiary, ensuring survivor benefits align with their personal circumstances.

In the event of a disability, how does the Dominion Energy Pension Plan provide support to its employees? Employees should understand the eligibility criteria for continued benefits, how credited service is affected, and the options available under both the Traditional Pension and Cash Balance formulas during periods of long-term disability.

Disability Benefits: Employees who qualify for long-term disability under the Dominion Energy Pension Plan continue to accrue credited service until age 65. Those under the Traditional Pension formula maintain eligibility for a pension based on their final average earnings and credited service, ensuring continued support during periods of disability.

How have the vesting requirements under the Dominion Energy Pension Plan evolved, and what does it mean for employees hired before and after July 1, 2021? Understanding these changes is essential for employees to assess their benefits and rights in relation to their service with the company, particularly if they leave before reaching the normal retirement age.

Vesting Requirements: Vesting for the Dominion Energy Pension Plan requires three years of service. For employees hired before July 1, 2021, vesting ensures non-forfeitable rights to pension benefits, regardless of whether they reach normal retirement age. Employees hired after July 1, 2021, are not eligible for the pension plan but may participate in alternative retirement benefits.

How can Dominion Energy employees effectively plan for retirement considering Social Security benefits? It is important for employees to integrate their expected Social Security benefits with their Dominion Energy pension projections, and to understand how each component contributes to their overall retirement income.

Social Security and Pension Planning: Employees should integrate their Social Security benefits with their Dominion Energy pension to ensure a comprehensive retirement income strategy. Using estimated Social Security benefits, employees can calculate how both sources will contribute to their financial stability in retirement.

What resources are available to Dominion Energy employees for estimating their pension benefits and planning their retirement? Employees should be informed about tools and websites like the Your Benefits Resource website, which provides insights into their pension information, including the ability to run benefit projections or request retirement estimates.

Retirement Planning Resources: Dominion Energy provides tools like the "Your Benefits Resource" website, which allows employees to view pension information, run benefit projections, and request retirement estimates. This helps employees plan effectively by estimating future benefits and understanding their retirement options.

Under what circumstances can Dominion Energy employees elect for a lump sum payment of their pension benefits, and what are the tax implications associated with such a decision? Employees need a thorough understanding of the consequences of taking lump sum distributions versus annuity payments, particularly regarding penalties and tax treatments in accordance with IRS regulations.

Lump Sum Payments and Tax Implications: Dominion Energy employees can elect to receive a lump sum payment of their pension benefits. However, lump sum distributions are subject to income taxes and may incur early withdrawal penalties if taken before age 59½. Rolling over the lump sum into an IRA or another retirement plan can defer taxes and avoid penalties.

How can employees at Dominion Energy get in touch with HR or the Benefits Center to clarify any questions regarding their pension benefits and retirement planning? It's crucial for employees to know the best methods to contact the Dominion Energy Benefit Center and the availability of service representatives to discuss their concerns or make necessary changes to their benefits.

Contacting HR and Benefits Center: Dominion Energy employees can reach the Benefits Center by calling 877-434-6996, Monday through Friday, from 8:00 a.m. to 5:00 p.m. ET. The Benefits Center provides assistance with retirement planning, beneficiary updates, and other pension-related inquiries, ensuring employees have access to support when needed(Dominion Energy_July 20…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Dominion Energy offers robust retirement benefits for its employees, including a defined benefit pension plan and a 401(k) savings plan, with eligibility varying based on the employee's hire date. For those hired before July 1, 2021, the Dominion Energy Pension Plan provides a monthly benefit at retirement based on years of service and salary, using a pension formula of 2% of base pay multiplied by the number of years of service (Dominion Energy Careers). Employees hired after this date are not eligible for the pension plan, but they may still participate in the company's 401(k) plan (SEC.gov). The Dominion Energy 401(k) Salaried Savings Plan allows employees to contribute a percentage of their compensation, with a company matching contribution of 4% to 5%, depending on years of service. Additionally, the company provides a non-elective automatic contribution of 4% or 5% of the employee's eligible compensation. These contributions become fully vested after three years of service (SEC.gov). Dominion Energy’s plans also include a diverse set of investment options, allowing participants to direct their contributions and employer contributions across various funds. If no directions are made, contributions are invested in a Target Retirement Trust based on the participant's age (SEC.gov). Additionally, the Dominion Stock Fund makes up a significant portion of the company's investment offerings. The 401(k) plan includes flexible dividend options, giving participants the choice to receive cash dividends or reinvest them in Dominion Energy stock

Restructuring and Layoffs: In 2023, Dominion Energy announced a significant restructuring plan aimed at reducing operational costs and streamlining its business operations. The restructuring led to the elimination of several positions across various departments. This move was part of a broader strategy to enhance operational efficiency and adapt to the changing energy market. The decision to lay off employees was influenced by the company's need to align with economic pressures and optimize its workforce in light of ongoing shifts in the energy sector. Importance: Addressing this news is crucial due to the current economic climate, which is marked by fluctuating energy prices and increased regulatory scrutiny. Additionally, the company's restructuring efforts reflect broader trends in corporate strategy during times of economic uncertainty. Understanding these changes helps employees and investors navigate potential impacts on job security and company performance.

Stock Options: Dominion Energy provides employees with Non-Qualified Stock Options (NSOs) and, occasionally, Incentive Stock Options (ISOs). NSOs are commonly offered to a broad range of employees, while ISOs are typically reserved for executives and senior management.

Dominion Energy offers a comprehensive health benefits package for its employees, covering a range of medical, dental, and vision needs. Employees can choose from three medical plan options, all administered by Anthem, and they also have access to a Health Savings Account (HSA) or Healthcare Flexible Spending Account (FSA) depending on the plan. Dental and vision coverage is provided through MetLife and EyeMed, respectively, with options like orthodontia and LASIK discounts. Additionally, Dominion Energy has recently switched its Health Savings Account vendor to PayFlex for 2024. The company also provides extensive parental leave options, including up to 120 hours of paid leave for full-time employees, and resources like the Employee Assistance Program (EAP) and Dependent Care Flexible Spending Account to support families.

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For more information you can reach the plan administrator for Dominion Energy at 120 Tredegar St Richmond, VA 23219; or by calling them at (804) 819-2000.