Pay and Benefits
- 100%
- Percentage of employees with access to company-sponsored health and wellness programs
- 78%
- Percentage of team participants who complete our quarterly companywide health and fitness challenges
- 900
- Average number of employees who visit our health and fitness blog each month
Weyerhaeuser provides competitive pay and benefits to help employees get and stay healthy and build a secure financial future. Employment policies and benefits vary based on employee type and location, but generally, the information in this section represents the typical range of pay and benefits we offer.
Our Employment Package
Pay
- Competitive base and variable pay
- Annual Incentive Plan (for salaried employees)
- Special recognition programs (for outstanding team and individual achievements)
Benefits
- Retirement savings plans with company match
- Pension plan
- Medical, dental and vision coverage
- Tax-deferred accounts (Health Savings Account and Flexible Spending Accounts)
- Company-paid life insurance with optional supplemental coverage
- Short- and long-term disability insurance
Health and Wellness
- Worksite health and wellness programs and activities
- Companywide health and fitness challenges
- Weight loss assistance
- Health coaching
- On-site health screenings, including personal health assessments
- Tobacco cessation assistance
- Employee and family assistance
Work/Life Balance
- Paid vacation and holidays
- Flextime and job sharing
- Adoption support
- Family, medical and personal leave
- Corporate-sponsored volunteer programs
- United Way loaned executive program
- Tuition reimbursement plans
- Employee discounts on local products and services
- Recreational club activities
- Long-term care insurance discounts
MORE ABOUT OUR PENSION PLANS
Weyerhaeuser continues to sponsor defined benefit pension plans covering most of our employees. These plans provide employees with ongoing income after retirement. Both the U.S. (qualified and non-qualified) and Canadian (registered and non-registered) plans covering salaried employees provide pension benefits based on each employee's highest monthly earnings for five consecutive years during the final 10 years before retirement. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The benefit levels for these plans are typically set through collective bargaining agreements with the unions representing the employees participating in the plans. Retiree medical and life plans may also be offered in the U.S. and Canada for certain employees. For some employees Weyerhaeuser also pays a portion of the cost of the plan. These plans are typically not prefunded.
Financial Security
Weyerhaeuser employees are generally eligible to receive benefits from the pension plans at termination or retirement provided they meet certain eligibility requirements, adding to their own financial security in retirement. When considering the net returns of Weyerhaeuser's pension plan assets over the prior five- and ten-year periods, Weyerhaeuser’s pension plan assets in the U.S. have performed in the top quartile when compared with other companies with pension plans greater than $1 billion. (Based on fourth quarter 2010 data from Bank of New York Mellon Corporation. All rights reserved.) The 2010 year-end estimated fair value of our combined (US and Canada) pension plans' assets was $4.8 billion compared with a $5.3 billion combined benefit obligation (all qualified, registered, non-qualified and non-registered plans), as of the end of 2010, measured on the basis of the Financial Accounting Standards Board Statement No. 158.
Over the 25-year period during which we've pursued our current investment strategy, the U.S. fund has achieved a net compound annual return of 15.3 percent. We've achieved first-quartile performance in the U.S. pension trust by investing in a diversified mix of nontraditional strategies, including hedge funds, private equity, opportunistic real estate and other externally managed alternative investment funds. The Canadian pension trust has a similar investment strategy.
Company Contributions
Company contributions to U.S. pension plans are based on funding standards established by the Employee Retirement Income Security Act of 1974. Contributions to Canadian pension plans are based on funding standards established by the applicable Provincial Pension Benefits Act and by the Income Tax Act.
We fund our qualified and registered pension plans and a portion of our non-registered plans. We accrue for non-qualified pension benefits and health and life postretirement benefits. We don’t expect to have a contribution requirement for the U.S. qualified plan. We expect to contribute approximately $80 million to our Canadian pension plans (registered and non-registered) in 2011.
Weyerhaeuser has adopted the provisions of Financial Accounting Standards Board Statement No. 158, which requires that the funded status of pension and other postretirement benefit plans be presented on the balance sheet. For more information, see the pension note in our most recent Annual Report and Form 10-K at investor.weyerhaeuser.com.
MORE ABOUT EMPLOYEE HEALTH
Our commitment to employees' health and safety is absolute. More than 90 percent of our locations companywide have certified health and wellness coordinators, and all locations participate in our health and wellness programs.
Health Connection
Our goal is to increase personal health awareness among employees, to engage them in proactive health improvement activities, and to help ensure the continued viability of the company’s employee benefit plans.
Our Health Connection programs offer resources, information, and support to help employees and their families get and stay healthy. The objective is to identify and diminish the effects of root causes that contribute to poor health and serious diseases, such as depression and unmanaged stress, excess weight, high blood pressure, tobacco use and inactivity.
In 2010, we ramped up our health and wellness communication with employees to boost awareness, increase participation in our programs, and help improve the overall health of our employees. Our communications activities included regular health and wellness stories on our online company news center (intranet home page) and the launch of a health and fitness blog. Key results include:
- A team completion rate of 78 percent in our companywide health and fitness challenges
- An average of 900 employee visits per month to our internal health and fitness blog
Sustainability in Action
Winning by losing
In the spring of 2010, Phyllis Wade faced a moment of truth. She had just attended a Weyerhaeuser-sponsored on-site health screening and taken a number of tests to measure such things as cholesterol and glucose levels, blood pressure, and body mass index. When she saw the results, she was shocked.
"I knew I was putting on weight but was surprised at how much," says Wade, an administrative assistant at Pardee Homes in Los Angeles. "It was the high cholesterol levels that really worried me, though." She realized the time for making excuses was over and decided to take action.
After consulting with her site's health and wellness coordinator, Wade came up with a plan that not only would get her back on track but also would involve her co-workers. She proposed starting a Weight Watchers program at work with about 20 interested people, about a third of the location's work force, with an equal mix of men and women and ranging from administrative professionals to vice presidents.
After 13 weekly meetings — led by a Weight Watchers representative and including weigh-ins and instruction on healthy lifestyles — the group lost a combined total of more than 300 pounds.
"On my own, I was making excuses to avoid getting started," Wade says. "But every Tuesday, we get together, jump on the scale, and see what we've accomplished. The group setting is the motivator. It's also a fun and supportive way to get to know people at work better."
Wade also credits Weyerhaeuser for the free health screenings and subsidized Weight Watchers program, both offered to encourage employees to assess their health and make lifestyle changes.
"My test results were a wake-up call — it was clear I had to do something," she says. "Having the group participation with Weight Watchers made it much easier. And once the group started losing weight, it was like a pebble dropped in a lake. People began noticing. Now a co-worker's mother has joined, and my daughter is riding her bike to school."
