Avangrid, Inc., a leading energy company and a member of the Iberdrola Group, has been honored with its fifth prestigious Eddy Award from Pension & Investments for its innovative retirement plan. This recognition highlights Avangrid’s commitment to providing employees with advanced financial planning tools that promote long-term financial security. The company’s dedication to retirement readiness has set a benchmark in the industry, making it a consistent leader in employee benefits.
In 2024, Avangrid became the first plan sponsor to implement the BlackRock LifePath Paycheck Fund (LPP) within its 401(k) plan. This groundbreaking feature allows employees to convert part of their retirement savings into a guaranteed lifetime income stream, providing greater financial stability after retirement. This pioneering approach has earned Avangrid recognition for the fifth consecutive year, including four Eddy Awards and a Plan Sponsor of the Year Award, reinforcing its reputation as a trailblazer in financial wellness.
Pension & Investments’ annual Eddy Awards recognize organizations that excel in educating and engaging employees in financial planning. The 2025 awards covered six categories: Special Projects, Financial Wellness, Ongoing Investment Education, Plan Conversions, Plan Transitions, and Pre-Retirement Preparation. Avangrid secured second place in the Plan Transitions category, further demonstrating its leadership in guiding employees through retirement plan enhancements.
Avangrid’s retirement program reached new heights with the introduction of BlackRock’s LPP series of Target Date Funds in 2024. These funds offer employees a straightforward and cost-effective way to plan for retirement, including an optional no-fee annuity purchase feature. To ensure a smooth rollout, Avangrid and BlackRock developed a comprehensive communication strategy to educate employees on the new plan features and benefits.
Pedro Azagra, Avangrid CEO, said in a statement, “Avangrid is an industry leader and innovator. If we are to retain this standing within the sector, we must attract and retain top talent. Offering cutting-edge financial solutions that will optimize our employee’s retirement planning is a perfect example of how Avangrid continues to lead the way and demonstrates our forward-thinking approach to employee financial health and retirement security.”
This initiative included 23 in-person educational sessions across seven cities and eight locations, engaging more than 2,600 employees. A dynamic communication campaign was also launched, incorporating digital signage, an employee newsletter, targeted emails, FAQs, town hall discussions, and direct messages from leadership. Additionally, a custom-animated video was created to explain the LifePath Paycheck Funds and lifetime income concept.
Within the first four days of its release, the video received 116 views with an average retention rate of 80%. By prioritizing clear and effective communication, Avangrid has strengthened its role as an industry leader in retirement solutions. The company’s forward-thinking approach not only enhances employee financial well-being but also contributes to bridging the societal gap in retirement readiness and longevity risk management.
