TIAA and Clients Receive Six Eddy Awards

March 19, 2018

Since 1995, the Eddy Awards, sponsored by Pensions & Investments, have recognized best practices by plan sponsors and service providers that offer investment education to defined contribution plan participants.
 
TIAA and its clients received several awards this year, which were announced at Pensions & Investments' annual East Coast Defined Contribution Conference in Miami.

In the “Plan Transitions” category, which recognizes organizations for their investment education and communication materials for employees eligible to participate in a new defined contribution plan, TIAA and three of its institutional clients won awards for the following programs:
 
  • 1st  PLACE: CUNY’s SRK Implementation: The City University of New York (CUNY) and TIAA launched a comprehensive communication plan to support the conversion of the CUNY Retirement Plans (ORP and TDA) from a multi-vendor offering to a single recordkeeper environment. CUNY and TIAA collaborated early to create a communications plan to reach the 38,500 employees across 24 unique campuses in different ways, including English and Spanish content and more than 400 on-campus employee meetings.
  • 1st PLACE: State of Rhode Island’s 457(b) DC Vendor Consolidation: The State of Rhode Island informed all eligible employees that it was replacing one of its three current investment providers for its State of Rhode Island 457 Deferred Compensation Plan with TIAA. The communication was sent to all 15,000+ eligible state employees and offered the opportunity to reinvigorate interest in the plan with the intention of boosting the overall participation rate. The multi-vendor communications were created by TIAA staff with the state providing insight.
  • 1st PLACE: University of Richmond’s Transition Campaign: The University of Richmond (UR) investment education program informed eligible and existing participants in the UR retirement plans of the investment option changes at TIAA. Due to the complexity and volume of the changes associated with the transition, it was critical to offer clear and concise communications at all levels of the organization. An additional UR goal for these fund and plan changes was to increase employee engagement by having faculty and staff attend in-person seminars.
TIAA clients received honors across two other categories.
 
In the “Special Projects” category, which showcases special investment education and communication programs with simple entries rather than a full campaign:
 
  • 3rd PLACE: Washington University in St. Louis’s Auto-enroll Campaign: As part of a multi-year process to update the retirement plan, Washington University in St. Louis introduced Auto Enroll, Auto Save and online salary deferral in 2017. Washington University wanted to be sure their population was aware of the change and understood how they may be impacted, so they created an easy-to-read guide with details about the Auto Enroll and Auto Save programs, and instructions on how to use the online salary deferral tool to make changes. Immediately after the changes were implemented, 78% of the employees remained Auto Enrolled and 77% of employees maintained the Auto Save election.
In the “Ongoing Investment Education” category, which recognizes campaigns that educate employees on the investment options of a new or modified plan:
 
  • 2nd  PLACE: St. Jude’s 2016 Retirement Engagement Campaign: St. Jude partnered with TIAA to develop the "2016 Retirement Engagement Campaign," which included TIAA's Communication, Education & Advice offer. This incorporated several supplemental communications designed to increase savings and workshops directed towards pre-retirees. The consistent delivery and reinforcement of simple messaging, plus the focus and attention on the retirement plan made by both TIAA and St. Jude helped ensure results and engagement.
  • 3rd PLACE: Harvard University’s Roth Campaign: Harvard University’s Roth Contribution Option education campaign demonstrated the benefits, advantages and important considerations of the Roth contribution option. The university sought to deliver an instructive program that would convey how the Roth contribution option might fit the life stages and savings goals of a diverse population, enabling informed financial planning decisions.
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