Our health care programs rely heavily on the involvement of our employees. In 2012, 91 percent of employees who elected medical coverage enrolled in High Deductible Health Plans (HDHP).*
Employees paid an average of only 10 percent of the total premium for their Union Pacific medical coverage. This is significantly less than the national average of 23 percent (2012 Towers Watson/National Business Group on Health Employer Survey on Purchasing Value in Health Care).*
In addition to medical coverage, Union Pacific provides flexible retirement planning options and other financial tools to help employees make informed investment decisions. The benefits programs, which vary based on whether employees are non-union or part of a collective bargaining agreement, include:
- Life Insurance: Significant improvements to life insurance plans have allowed us to keep rates in check for employees while improving plan features, including additional family protection flexibility and added services such as will preparation and estate resolution.
- 401(k) Discretionary Roth: A new 401(k) feature allows participants a greater opportunity to diversify tax risk.*
- Financial Well-Being Site: We built a financial well-being website, designed to provide a simple but informative conversation about employee benefits and address questions most important to employees at various stages of their careers.
- Benefits Statements: We added new features to the modeling tools already in place, allowing participants to project the impact of Roth and personal savings into their retirement planning.*
- Benefits Education Program: We continued developing the annual Employee Education Campaign, which provides support through instructor-led courses, video conferencing and one-on-one consultations.*
*Refers only to non-union employees