News

Company introduces new retirement benefits for non-rep new hires

DTE Energy will introduce new post-employment health care and retirement income benefits for new non-represented employees who are hired or rehired by Detroit Edison, MichCon, Citizens Gas and DTE Energy Corporate Services, LLC on or after Jan. 1, 2012. 

The new benefits will help the company better manage costs and bring our new hire benefits more in line with those offered by our peer companies. 

DTE Energy will spend approximately $120 million on post-employment health care and life insurance benefits this year, and approximately $150 million on retirement income benefits.  As more Baby Boomer employees reach retirement age, our company’s so-called “legacy” benefit costs will continue to climb. 

“Our challenge is to find ways to manage these rapidly mounting costs to keep our services affordable and our company healthy,” said Larry Steward, vice president – Human Resources.  “In the long run, these new plans will help us do that.”

Read more  here.

CURRENT ISSUES: Proposed cuts to LIHEAP could hurt the poor

In 2010, the Low-Income Home Energy Assistance Program (LIHEAP) helped about half of Michigan’s 1.2 million low-income households by:

• Assisting thousands of families with their energy bills.
• Weatherizing the homes of those struggling with their heating and cooling bills to help reduce their energy consumption.
• Educating Michiganders on tight budgets about ways to consume less energy and further reduce their bills.

The president’s 2012 budget proposes a 50-percent cut to LIHEAP funding

This would:

• Take program funding back to its 2008 level, from $5.1 billion to $2.57 billion
• Deny energy assistance to more than three million American households

The proposed cuts would adversely affect those most in need. Michigan’s severe weather and struggling economy make the optimum financial and energy-conservation resources critical to address the needs of low-income households in Michigan.

You can help

Learn more about energy-assistance issues at: coalitiontokeepmichiganwarm.com

Help the cause by registering today at coalitiontokeepmichiganwarm.com.

Take action

Tell your elected representatives in Washington: No cuts to LIHEAP!

Earley leaving to become CEO at PG&E; Anderson elected DTE Energy chairman while retaining current role as president and CEO

DTE Energy Executive Chairman Tony Earley will retire from the company on Sept. 12 to become chairman, chief executive officer (CEO) and president of PG&E Corporation, the parent company of California utility Pacific Gas & Electric on Sept. 13. On Sept.12, current DTE Energy President and Chief Executive Officer Gerry Anderson will assume the additional role of chairman of the board, while retaining his current role as president and CEO.

“I am proud of what we have accomplished during my time at the company for our customers, our investors, and our employees,” Earley said in a press release. 

Earley said he was able to accept this new opportunity because of his high level of confidence in Anderson and the DTE Energy leadership team. “Although it is hard to leave both the people and the community I have grown to love and call home, I am proud of the legacy I am leaving behind,” he said.

Those leaders who had been reporting to Earley will report to Anderson effective Sept. 13.

Anderson, who has led the work to define the company’s priorities over the past few years, said our strategies and objectives will remain the same.

“I take great pride in leading a company that has been an important part of the fabric of our home state for well over a century," Anderson said. "We are now investing heavily to meet the energy needs of the next century, both in Michigan and across the country. As we do that, we are working hard to improve the experience of our customers and to continuously improve our operations. This focus has provided strong results for both our investors and those we serve.

“Tony has been a great mentor and friend, and I am grateful to have had the opportunity to work so closely with him. He has left a lasting impression on me and all of our employees regarding the vital role we play in our communities.”

The transition to J.P. Morgan Retirement Plan Services as our new 401(k) provider is complete

If you are a plan participant, you may go to www.retireonline.com, set up your Username and Password and begin to take charge of your financial future.  

After setting up your Username and Password, you will be able to check your account information, make transactions and access a variety of creative, user-friendly tools and resources.  J.P. Morgan features include a new online version of Financial Engines’ personal assets evaluation, the award-winning “The Way Forward” educational series, the “Retirement Dream Machine” planning tool and much more.

Please take the following simple steps to get started.  Detailed instructions for completing the steps below were provided in the November J.P. Morgan newsletter mailed to your home. 

Set up your Username and Password by Dec. 30.  

1. Check your beneficiary designations. 
2. Check your statements.

J.P. Morgan and DTE Energy are closely monitoring the conversion.  If any unforeseen issues arise over the next few weeks, they will be resolved quickly.   

For information about your account or program features, contact J.P. Morgan at www.retireonline.com or call 1.800.345.2345 Monday through Friday from 8 a.m. to 9 p.m. Eastern time.