<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

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

Learn More

Dominion Energy Return-to-Office Strategy: Balancing Flexibility with Corporate Needs


'Dominion Energy companies that adapt to evolving remote work preferences are likely to retain top talent, particularly among seasoned professionals nearing retirement, as flexibility has become a crucial factor in career decisions and job satisfaction.' – Kevin Landis, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Dominion Energy companies that recognize the growing importance of flexible work arrangements will not only improve employee retention but also attract experienced professionals who prioritize work-life balance as they approach retirement.' – Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

  1. The evolving return-to-office (RTO) policies and how companies like Dominion Energy are reshaping workplace flexibility.

  2. Employee responses and job market impacts as professionals reassess their career choices in response to stricter in-office mandates.

  3. The economic and career implications of remote work preferences, particularly for older employees approaching retirement.

Changing labor market dynamics have made workplace flexibility a centerpiece of employment discussions - especially as Dominion Energy firms revise their return-to-office (RTO) plans. That has led many employees to rethink their job situations and search for roles more in line with their preferences for remote or hybrid work.

That trend toward more office-centric work environments marks a shift from the remote work viability of the pandemic era. Taking a page from industry giants, Dominion Energy companies are considering more structured office attendance policies. That potential shift has many employees planning for opportunities that allow more flexibility when telecommuting.

What the workforce says about these changing policies is telling. A Pew Research survey finds that many who have long worked remotely would rethink their roles if they had to work an office schedule. This sentiment echoes more strongly among those who have done full-time remote work - and shows how flexibility helps retain talent.

Tightening labor markets create another hurdle for those seeking remote work. Like it or not, as evidenced by Richard, who is looking into remote roles outside of his current company because of strict RTO policies, competition for flexible positions is growing.

In addition, the corporate view tends to emphasize face-to-face collaboration. Some Dominion Energy leaders, like their counterparts in other firms, argue that on-site work is more collaborative and productive. Yet many employees remain fans of flexibility over fixed-location mandates.

These RTO policies are economically important. For example, commuting costs and time investment are critical when employees consider in-person roles. Steven, a professional weighing his options, calculates a high annual commuting cost that makes remote opportunities attractive despite lower salaries.

Employees like George, an IT specialist, are finding creative ways to keep their work-from-home preferences. With several jobs - including a fully remote position - George keeps his income steady while still allowing him flexible working hours.

Also appearing are new methods of minimal office attendance that allow employees to meet corporate requirements without returning to full-time work habits. Such strategies stress that work arrangement flexibility remains an important aspect of job satisfaction and retention, not just a personal preference.

With a changing labor market, the balance between employee desires for remote work and corporate RTO policies will define future work environments. Companies that understand these preferences and adapt to them will likely see greater retention and satisfaction rates and a more resilient, adaptive workforce.

This shift is especially relevant to the Dominion Energy older workforce, who may value flexible work arrangements as they near retirement. Recent findings suggest flexibility in work schedules is critical for workers over 50 who are considering whether to retire, stay, or search for work elsewhere. Companies with strict RTO policies could lose solid pros who value work-life balance when approaching retirement.

The debate over remote versus office work is like asking seasoned professionals to go back to their old ways after embracing remote employment. Just as modern technology transformed gardening, remote work transformed professional settings, and for many, a return to the more traditional office setting may feel regressive. This ongoing trend demonstrates how workplace flexibility is increasingly valued by those nearing retirement who value comfort and quality of life when making career choices.

Articles you may find interesting:

Loading...

Source:

1. Liu, Siyan, and Laura D. Quinby. 'Has Remote Work Improved Employment Outcomes for Older People with Disabilities?'  Center for Retirement Research at Boston College , 2024, pp. 1-15. crd.bc.edu.

2. Williams, Trey. 'The Return to Office Wars Are Far from Over.'  Fortune , 11 Dec. 2024, pp. 2-4. fortune.com.

3. Yamamoto, Junpei, et al. 'The Effect of Preference and Actual Days Spent Working from Home on Stress and Musculoskeletal Pain: A Study of Office Workers During the COVID-19 Pandemic.'  International Journal of Environmental Research and Public Health , 2023, pp. 10-12. pmc.ncbi.nlm.nih.gov.

4. 'Growth in Telework Can Benefit Older Persons with Disabilities, Says Report.'  FEDweek , Oct. 2024, pp. 1-3. fedweek.com.

5. Franklin, Joshua. 'Citi Bucks Back-to-Office Trend and Embraces Hybrid Working.'  Financial Times , 4 Feb. 2025, pp. 5-6. ft.com.

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…).

New call-to-action

Additional Articles

Check Out Articles for Dominion Energy employees

Loading...

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.

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for Dominion Energy employees