The company has facilities located near San Francisco; Washington, D.C.; Boston; New York City; Dallas; and Las Vegas. Its total generation capacity includes approximately 28% baseload units, 46% intermediate units and 26% peaking units.
The company filed for bankruptcy protection under Chapter 11 in 2003.
· Group medical: Mirant offers its employees and their dependents health care plans that provide a wide variety of benefit coverage, including hospital, surgical, physicians, and prescription drugs. The company and employee share in the cost of this coverage.
· Dental plan: Mirant's dental program offers coverage for a range of dental services, including diagnostic, preventive care, and orthodontic benefits for children. The company and employee share in the cost of this coverage.
· Basic and dependent life insurance: Basic life insurance is provided automatically, at no cost to employees. Additional life insurance coverage, including dependent life is offered in most locations, with the employee paying the premium cost.
· Sick leave: Mirant allows employees to continue to receive full or partial salary payments during periods of necessary absence from work because of illness or injury. This benefit is intended to provide income protection when an employee is unable to be at work for health-related reasons. Personal sick leave payments are not intended to compensate for absence caused by a job-related injury or illness, which is covered under Workers' Compensation.
· Long-term disability (LTD) plan: Mirant offers a LTD plan which provides a replacement income of 60% of base salary in the event of an illness or injury (occupational or non-occupational) that keeps a plan participant from work for more than six months. The company and employee share in the cost of this coverage.
· Accident and sickness insurance: This voluntary insurance plan pays a benefit to employees unable to work because of short-term illness or disability.
· Accidental death and dismemberment insurance: Employees have an option to purchase voluntary benefit coverage for self and family members that helps ensure financial protection in the event of a loss.
· Business travel accident insurance: Our employees are often required to travel, so business travel accident insurance, which is paid for by the company, provides a benefit payable for a loss that occurs while traveling on business.
· Employee assistance program (EAP): Mirant's EAP is provided through a network of independent service providers situated near Mirant's offices and plants. This company-paid program offers counseling to individuals trying to resolve conflict and cope with personal or professional challenges in their lives. Counseling through the EAP is both confidential and professional.
· Employee savings plan (401(k)): Mirant makes it easy for employees to plan for their retirement by offering a savings program that allows employees to accumulate savings through individual before-tax and after-tax contributions. The company matches 75% of the first 6% of employee contributions.
· Profit sharing arrangement: To further assist employees with their retirement planning, Mirant provides a quarterly fixed profit sharing contribution to individual Employee Savings Plan accounts. An annual discretionary profit sharing contribution is also available and may be distributed to employee accounts, depending on the company's financial performance.
· Tax saver (flexible spending accounts): Mirant offers two flexible spending accounts that allow employees to pay for certain dependent day care and health care expenses with pre-tax earnings. The dependent day care account may be used to pay for child care providers, day care facilities and certain other expenses related to the care of an employee's dependent children while he or she is at work. It may also be used to pay for care provided to an individual with a physical or mental handicap who is the employee's dependent, regardless of age. The health care account may be used to pay for IRS-allowable medical, dental, or vision expenses that are not covered by a health insurance policy.
· Vacation days (and floating holidays for extra flexibility in scheduling personal time off): The company offers paid vacation, depending on length of service.
· Holidays: Mirant observes an annual holiday schedule that includes the major national holidays.
· Educational assistance: Financial assistance is available for college courses related to the employee's position or career path at Mirant.
Updated June 13, 2005