Avangrid Wins the 2024 Plan Sponsor of the Year Award for its Retirement and Student Loan Repayment Plans

Rhea-AI Summary

Avangrid (NYSE: AGR), a sustainable energy company and part of the Iberdrola Group, has won the 2024 Plan Sponsor of the Year award from PLANSPONSOR magazine. Recognized for its exceptional retirement and student loan repayment plans, Avangrid leads in the 'Corporate Defined Contribution Plans $1 Billion and Greater' category.

The company's student loan repayment program, launched last year, offers non-union employees $250 monthly payments up to a lifetime maximum of $9,000, saving over 800 employees more than $2.6 million in principal and estimated interest. Avangrid's retirement plans include a 150% employer match on up to 8% of non-union employee compensation, auto-enrollment, and auto-escalation options, achieving a 94% participation rate in 2023.

Additionally, Avangrid implemented BlackRock’s LifePath Paycheck, providing a lifetime income option for retirees. These initiatives underscore Avangrid's commitment to employee financial well-being and long-term success.

Positive

• Avangrid wins the 2024 Plan Sponsor of the Year award.
• Recognition in 'Corporate Defined Contribution Plans $1 Billion and Greater' category.
• Student loan repayment program offers $250 monthly payments, up to $9,000.
• Over 800 employees enrolled, saving $2.6 million in principal and estimated interest.
• 401(k) plan includes a 150% employer match on up to 8% of non-union employee compensation.
• 94% participation rate in retirement plans achieved in 2023.
• Implemented BlackRock’s LifePath Paycheck for lifetime income in retirement.

Negative

• The student loan repayment program is available only to non-union employees.

Honor by PLANSPONSOR Recognizes Leading Companies Focused on Employees’ Financial Health

ORANGE, Conn.--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240613181618/en/

Media Contact:

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID, Inc.

FAQ

What award did Avangrid win in 2024?

Avangrid won the 2024 Plan Sponsor of the Year award.

What category did Avangrid win in the PLANSPONSOR award?

Avangrid won in the 'Corporate Defined Contribution Plans $1 Billion and Greater' category.

What is Avangrid's stock symbol?

Avangrid's stock symbol is AGR.

What does Avangrid's student loan repayment program offer?

Avangrid's student loan repayment program offers non-union employees $250 monthly payments, up to a lifetime maximum of $9,000.

How many employees have benefited from Avangrid's student loan repayment program?

Over 800 employees have enrolled in Avangrid's student loan repayment program.

How much has Avangrid's student loan repayment program saved employees?

The program has saved employees more than $2.6 million in principal and estimated interest.

What is Avangrid's 401(k) match?

Avangrid provides a 150% match on up to 8% of non-union employee eligible compensation.

What is the participation rate in Avangrid's retirement plans?

Avangrid achieved a 94% participation rate in retirement plans in 2023.

What new retirement feature did Avangrid implement in 2023?

Avangrid implemented BlackRock’s LifePath Paycheck for a lifetime income stream in retirement.