Pensions & Investments oversees an annual program, The Eddy Awards, recognizing plan sponsors and service providers that exhibit best practices in offering investment and financial education to defined contribution plan participants.
Earlier this month, The University of Alabama System was among 61 campaigns recognized for “creativity and comprehensiveness in helping workers plan for and enjoy retirement, and build their financial wellness.” There were six award categories, and UAS won 1st place for plan transitions for a public employer with more than 1,000 participants.
The System’s award-winning plan transition campaign began last spring with the announcement of enhancements to voluntary retirement plans, capitalizing on TIAA’s RetirePlus Pro® service with an overall focus on increasing participant preparation for retirement with guaranteed lifetime income. The campaign spanned several months using diverse communication strategies, including print and email, live and virtual meetings, digital signage, and more.
Following the plan transition campaign, The University of Alabama’s active plan participants saw an overall 11% improvement in their “on-track” retirement readiness score with TIAA which takes into account a variety of behaviors such as saving for the future, managing investments and finances, and protecting against key risks in retirement.