Press Releases

04/03/2025

Avangrid Wins Eddy Award for Fourth Time in Five Years

Avangrid Wins Eddy Award for Fourth Time in Five Years

Avangrid received another Eddy Award for its groundbreaking Retirement Plan innovations, becoming the first company in the U.S. to transition to BlackRock's retirement income solution

ORANGE, Conn. - April 3, 2025 - Avangrid, Inc., a leading energy company and member of the Iberdrola Group, today announced that it earned its fourth prestigious Eddy Award from Pension & Investments for the Company's innovative retirement plan offering. This accolade celebrates Avangrid's industry-leading innovation in retirement planning, reinforcing the company's steadfast dedication to empowering employees with cutting-edge financial tools and resources.

Last year, Avangrid became the first plan sponsor to adopt and launch the BlackRock LifePath Paycheck Fund (LPP). This revolutionary addition to the Company's 401(k) plan provides employees the option to convert a portion of their savings into a guaranteed lifetime income stream, delivering enhanced financial stability during retirement.

Avangrid's trailblazing approach to retirement readiness has earned it recognition for the fifth time in five years, cementing its reputation as a leader in providing best in class financial benefits; four Eddy Awards and one Plan Sponsor of the Year Award!

"Avangrid is an industry leader and innovator. If we are to retain this standing within the sector, we must attract and retain top talent," said Pedro Azagra, Avangrid CEO. "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."

Pension & Investments annual Eddy Awards celebrate organizations that exemplify best practices in engaging employees through education and innovation. The 2025 awards recognized winners across six categories: Special Projects, Financial Wellness, Ongoing Investment Education, Plan Conversions, Plan Transitions, and Pre-Retirement Preparation. Avangrid proudly earned second place in the Plan Transitions category.

The 2024 introduction of BlackRock's LPP series of Target Date Funds elevated Avangrid's award-winning 401(k) plan to new heights. These funds offer employees a simple, cost-effective way to achieve retirement security through an optional no-fee annuity purchase feature.

To ensure the successful rollout and seamless implementation, Avangrid and BlackRock executed a comprehensive, multi-channel communication strategy, which included:

• 23 in-person educational sessions across seven cities and eight locations, reaching over 2,600 employees.
• Dynamic communication campaigns featuring digital signage, an employee newsletter, FAQs targeted emails, town hall discussions, and direct messages from leadership.
• Custom animiated video to educate employees on the LifePath Paycheck Funds and lifetime income. Upon the first four days of the video being live, it received 116 views with an average retention rate of 80%.

By prioritizing clear communication and employee engagement, Avangrid further solidified its position as a trailblazer in benefits administration and retirement solutions, helping to bridge the societal gap on retirement readiness and longevity risks.