February 11, 2020
The Plan Sponsor Council of America (PSCA)'s annual Signature Awards recognize excellence in retirement plan communications and education to plan sponsors and plan participants, which help employees understand the importance of financial wellness and saving for the future.
TIAA won first place in the "Retirement Readiness" category. Also, TIAA, together with the California Institute of Technology and the University of Pittsburgh, received awards for their excellence in the "Overcoming Obstacles" and "Plan Changes" categories.
"Retirement Readiness" 1st Place – TIAA's goal was to drive increased participation and educate participants about how much income they can anticipate replacing in retirement to help them plan for their future. The campaign yielded high email open rates with 20 percent of participants taking action by increasing contributions or scheduling an advice session. The benefits team was recognized for their easy-to-understand, illustrative, and personalized communications with a strong call to action and a great tag line about standing out in a crowd, which was carried throughout the campaign.
California Institute of Technology (Caltech) with TIAA
"Overcoming Obstacles" 3rd Place – Caltech's goal was to reinforce the importance of keeping beneficiary information up to date and motivate both active and terminated employees to establish or update beneficiary information. The results revealed an almost 2,042 percent increase in the number of beneficiary designations made by active and terminated participants in two locations. The team was recognized for its simple and clear messaging aligned with a variety of customer experience levels, and for its engagement with terminated participants.
University of Pittsburgh (Pitt) with TIAA
"Plan Changes" — Large Company 3rd Place - The Pitt benefits team created a new retirement plan identity to build awareness to increase financial literacy, and strengthen connections with employees to increase their use of advice and guidance opportunities. The results were impressive: the average income replacement ratio moved to 111 percent compared to the peer benchmark of 93 percent, and their plan participation rate increased from 63 percent to 70 percent.
Congrats to the winners!