Avangrid Wins the 2024 Plan Sponsor of the Year Award for its Retirement and Student Loan Repayment Plans
14 June 2024 - 12:30AM
Business Wire
Honor by PLANSPONSOR Recognizes Leading
Companies Focused on Employees’ Financial Health
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company
and a member of the Iberdrola Group, announced today that it has
won the 2024 Plan Sponsor of the Year award for the company’s
leading retirement plan and groundbreaking Student Loan Debt
Repayment program. This annual award is presented by PLANSPONSOR
magazine, a publication focused on retirement programs, and
recognizes retirement plan sponsors that show a commitment to their
participants’ financial health and retirement success. Avangrid
earned the top spot in the category of “Corporate Defined
Contribution Plans $1 Billion and Greater.”
“An important part of being a leading sustainable energy company
is investing in our workforce,” said Pedro Azagra, Avangrid CEO.
“Earning this award reflects our dedication to a corporate ethos
that values the long-term well-being of our employees. With our
investments, we aim to foster an environment where innovation
thrives, diversity is embraced, and every employee feels empowered
to contribute to our shared vision of building a clean energy
future.”
Avangrid’s compensation, health and retirement programs are
designed to attract, retain and empower top talent. Last year,
Avangrid became one of the first energy companies in the United
States to launch a student loan debt repayment benefit. Avangrid’s
program is available to non-union employees and offers participants
a $250 monthly payment, up to a lifetime maximum of $9,000, paid
directly to their eligible student loan provider(s). To date, more
than 800 Avangrid employees have enrolled, and the program has
saved employees more than $2.6 million in principal and estimated
interest.
The company also provides a leading employer 401(k) match,
providing 150% on up to 8% of non-union employee eligible
compensation, and continues to add new features to improve its
retirement offering and increase employee engagement. In recent
years, this has included auto-enrollment in its 401(k) plan for new
employees and an auto-escalation option for contributions to help
employees maximize outcomes. This has helped lead to Avangrid
reaching a 94% plan participation rate in 2023. Additionally,
earlier this year, Avangrid was the first company in the country to
implement BlackRock’s new retirement income solution, LifePath
Paycheck, which provides plan participates with an option to
purchase a lifetime income stream in retirement.
For Avangrid, these improvements are about providing inclusive
benefits that support and empower all employees.
“Providing leading financial well-being benefits helps to secure
our employees' future and demonstrate our unwavering commitment to
their total health and success,” said Paul Visconti, senior
director of total health and retirement programs at Avangrid. “This
is more than a benefit; it's a statement that every employee's
well-being and financial security are a top priority, creating an
environment where all can succeed and feel valued and
confident."
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be
the leading sustainable energy company in the United States.
Headquartered in Orange, CT with approximately $45 billion in
assets and operations in 24 U.S. states, Avangrid has two primary
lines of business: networks and renewables. Through its networks
business, Avangrid owns and operates eight electric and natural gas
utilities, serving more than 3.3 million customers in New York and
New England. Through its renewables business, Avangrid owns and
operates a portfolio of renewable energy generation facilities
across the United States. Avangrid employs approximately 8,000
people and has been recognized by JUST Capital as one of the JUST
100 companies – a ranking of America’s best corporate citizens – in
2024 for the fourth consecutive year. In 2024, Avangrid ranked
first among utilities and 12 overall. The company supports the
U.N.’s Sustainable Development Goals and was named among the
World’s Most Ethical Companies in 2024 for the sixth consecutive
year by the Ethisphere Institute. Avangrid is a member of the group
of companies controlled by Iberdrola, S.A. For more information,
visit www.avangrid.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240613181618/en/
Media Contact: Sarah Warren sarah.warren@avangrid.com
585-794-9253
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