Avangrid Earns Fifth Eddy Award, Reinforces Leadership in Retirement Plan Innovation
Avangrid, Inc., a prominent sustainable energy company and proud member of the global Iberdrola Group, has once again demonstrated its unwavering commitment to employee financial wellness by earning a prestigious Eddy Award from Pensions & Investments. This marks the fifth time in five consecutive years that Avangrid has received recognition for its retirement plan innovations, a remarkable accomplishment that places the company at the forefront of corporate retirement planning excellence.
This latest award win is a testament to Avangrid’s strategic approach to empowering its workforce with the tools, knowledge, and resources necessary for long-term financial success. At the heart of this achievement lies the company’s bold move to become the first plan sponsor to launch the groundbreaking BlackRock LifePath Paycheck Fund (LPP), a retirement income innovation designed to help employees convert a portion of their 401(k) savings into a guaranteed stream of income throughout retirement.
The inclusion of the LPP into Avangrid’s benefits portfolio demonstrates a deep understanding of the evolving financial needs of today’s workforce. As longevity increases and traditional pension plans become increasingly rare, retirement readiness has become a critical issue for both employers and employees. Avangrid’s pioneering efforts in this space are a reflection of its forward-thinking approach, ensuring its employees have access to innovative financial planning tools that address modern retirement challenges.
Setting the Standard: Retirement Benefits That Lead the Industry
Over the past five years, Avangrid has received four Eddy Awards and one Plan Sponsor of the Year Award—an extraordinary streak that positions the company among the most innovative retirement plan sponsors in the United States. These accolades are more than just trophies; they underscore Avangrid’s deliberate efforts to remain competitive as an employer of choice, capable of attracting and retaining top-tier talent through thoughtful and meaningful benefit design.
“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, CEO of Avangrid. “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.”
The BlackRock LifePath Paycheck Fund: A Game-Changer in Retirement Planning
The BlackRock LifePath Paycheck Fund represents a significant shift in the way 401(k) plans can support retirement income. Traditionally, defined contribution plans have placed the responsibility of retirement planning squarely on the shoulders of employees. However, the LPP offers a solution to a long-standing problem: how to turn accumulated savings into predictable, reliable income once an employee leaves the workforce.
By offering an optional no-fee annuity purchase feature within a familiar Target Date Fund (TDF) structure, the LPP empowers employees to convert part of their nest egg into a guaranteed income stream that will last throughout retirement. This feature helps to mitigate the risk of outliving one’s retirement savings, commonly referred to as longevity risk—a growing concern for many retirees in today’s economic landscape.
The LPP series was officially added to Avangrid’s 401(k) plan in 2024, elevating what was already an award-winning plan to an entirely new level. The company’s proactive approach in adopting this innovation highlights its long-term commitment to evolving and adapting in order to meet the future needs of its employees.
Winning Strategy: Communication, Education, and Engagement
The successful implementation of the LifePath Paycheck Fund did not happen overnight. It required a well-thought-out, multifaceted communications strategy executed with precision and care. Avangrid partnered with BlackRock to launch an extensive education campaign, ensuring that employees across the organization understood the benefits, options, and implications of this new retirement solution.
This strategy included:
- Twenty-three in-person educational sessions conducted across seven cities and eight different Avangrid locations. These events reached more than 2,600 employees, offering face-to-face interaction with financial educators and the opportunity to ask detailed questions about the new offering.
- Comprehensive digital communications, including updates in the employee newsletter, targeted email blasts, digital signage across company locations, detailed FAQs, and internal town hall meetings. These channels ensured that employees received repeated touchpoints and opportunities to learn more, regardless of where they worked.
- Executive messaging, where leaders from Avangrid reinforced the importance of retirement planning and encouraged participation in the new program. By showing support from the top levels of the company, this approach helped to foster trust and demonstrate alignment between leadership and employee well-being.
- A custom animated explainer video that broke down the features of the LPP in a visual, digestible format. Within just four days of its release, the video had been viewed 116 times with an impressive average retention rate of 80%, indicating strong interest and engagement.
These efforts earned Avangrid a second-place finish in the “Plan Transitions” category of the 2025 Eddy Awards, an especially competitive division that recognizes organizations leading the way in transitioning retirement plans or investment options. The award serves as further confirmation that Avangrid’s employee-first approach is both innovative and effective.
Bridging the Retirement Gap
With more employees than ever relying on defined contribution plans like 401(k)s as their primary retirement savings vehicle, companies must rethink how they support long-term financial wellness. Avangrid’s efforts are a shining example of what’s possible when an organization takes a proactive and compassionate approach to retirement benefits.
The addition of the BlackRock LPP is more than a financial tool—it’s a bridge between savings and security, between working life and a stable retirement. By offering a solution that transforms lump-sum savings into steady monthly income, Avangrid is helping employees turn their hopes for a comfortable retirement into a practical and achievable reality.
Moreover, Avangrid’s model contributes to a broader societal conversation about retirement security. As public and private institutions alike struggle to address the looming retirement readiness crisis, companies like Avangrid offer a scalable, replicable example of how to innovate within the framework of existing retirement plan infrastructure.
About the Eddy Awards
Hosted annually by Pensions & Investments, the Eddy Awards were created to recognize and honor best practices in retirement plan communications and education. The awards spotlight plan sponsors that use effective, creative, and impactful strategies to improve employee engagement and financial literacy, ultimately empowering better retirement outcomes.
The 2025 Eddy Awards recognized achievements across six distinct categories:
- Special Projects – For unique or one-time communications initiatives.
- Financial Wellness – Highlighting efforts to improve overall financial health.
- Ongoing Investment Education – Recognizing consistent, high-quality educational efforts.
- Plan Conversions – For communications around switching retirement plans or providers.
- Plan Transitions – For smooth changes in investment options or plan structures.
- Pre-Retirement Preparation – Focused on initiatives designed to help employees nearing retirement.
Avangrid’s recognition in the Plan Transitions category underscores its strategic excellence in rolling out the LPP and navigating the complex communications required to ensure employees could make informed decisions about their financial futures.
