D R A F T

Denver Water
Employee Benefit Plan Review
August 23, 2006
Prepared by



Table of Contents
EXECUTIVE SUMMARY...............................................................................................1
BACKGROUND............................................................................................................1
KEY FINDINGS............................................................................................................2
KEY RECOMMENDATIONS..........................................................................................3
OVERVIEW OF THE REPORT......................................................................................4
FINANCIAL COMPARISON...........................................................................................6
CAVEATS ABOUT SOURCE DATA AND COMPARISON................................................6
PERCENTAGE OF PAYROLL COMPARISONS.............................................................7

DOLLAR VALUE COMPARISONS................................................................................8
INTERNAL COST INCREASES AT DENVER WATER....................................................9

BENEFITS PHILOSOPHY..........................................................................................10
WHAT EXISTS IN WRITING?......................................................................................10
THE VALUES SURVEY.............................................................................................11
UNDERLYING BENEFITS PHILOSOPHY....................................................................12
PAID TIME OFF BENEFITS.......................................................................................14
COST AND FUNDING................................................................................................14
DESIGN AND ADMINISTRATION................................................................................14
COMPARISONS WITH OTHER UTILITIES...................................................................18
PTO AND THE UNDERLYING PHILOSOPHIES...........................................................18
LEIF REPORT RECOMMENDATIONS........................................................................19

RETIREMENT PROGRAMS.......................................................................................21

COST AND FUNDING................................................................................................21
DESIGN AND ADMINISTRATION................................................................................22
COMPARISON WITH OTHER EMPLOYERS...............................................................22
COMPARISONS WITH OTHER UTILITIES...................................................................29
RETIREMENTS PROGRAMS AND THE UNDERLYING PHILOSOPHIES.......................29
LEIF REPORT RECOMMENDATIONS........................................................................31
COST AND FUNDING...............................................................................................33
DESIGN AND ADMINISTRATION...............................................................................33
HEALTH AND WELFAREPROGRAMS......................................................................33
COMPARISONS WITH OTHER UTILITIES..................................................................48
HW AND THE UNDERLYING PHILOSOPHIES.........................................................48
LEIF REPORT RECOMMENDATIONS.......................................................................49
WRAP -UP..............................................................................................................55