In 2007, ENMAX employed 1,245 individuals, who in total earned more than $100 million. Our employees earned $88 million in salaries (including overtime, bonuses and commissions) and approximately $20 million in employee benefits. Most of our employees live and work in Alberta, where their earnings work to enhance the local economy.
ENMAX has a registered pension plan that covers substantially all employees and includes either defined benefit (DB) or defined contribution (DC) provisions. The DB provisions provide a pension based on years of service and highest average earnings over five consecutive years of employment. DB pension benefits under the registered plan will increase annually by 60% of the Consumer Price Index for Alberta. Under the DC provisions, employer contributions are based on the participating members' pensionable earnings and contribution levels.
ENMAX's DB pension plan is currently under-funded and our company is meeting regulatory requirements for making annual solvency payments to address this issue.