March 11, 2019
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 the “ Special Projects” category, which showcases special investment education and communication programs with entries as simple as a single postcard or an email rather than a full campaign, TIAA and three of its institutional clients won awards for the following:
- 1st Place: California Institute of Technology Beneficiary Designation Campaign: The goal of this campaign was to reinforce to Caltech plan participants the importance of keeping beneficiary information up to date. The campaign featured limited pages and minimal text to ensure readability and quickly digestible instructions to further drive action.
- 1st Place: Embry-Riddle Aeronautical University Match and Savings Campaign: The goal of this campaign was to create a program to educate employees who are not saving or not taking advantage of the full matching contribution in the Embry-Riddle Aeronautical University (ERAU) retirement plan. TIAA and Embry-Riddle created a series of three custom communications that used simple language and illustrations to show the benefit employees were missing, and provided very clear steps on how to take action.
- 3rd Place: Memorial Sloan Kettering Cancer Center Comprehensive Fund Changes / Reintroduce Retirement Program: When Memorial Sloan Kettering revised the investment options available through the retirement program, TIAA decided to use this as an opportunity to reintroduce the retirement benefit program and showcase MSK’s commitment to its employees. TIAA and MSK created comprehensive communications and advice strategies, and developed the “Nurture Your Future” custom brand.
TIAA clients received honors across several other categories.
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:
- 1st Place: University of Pittsburgh’s Transition Campaign: After the University of Pittsburgh converted from a multi-vendor structure to a single recordkeeper arrangement with TIAA, the university focused its attention on the next phase of their transformation in 2018. In partnership with TIAA, the University of Pittsburgh set out to accomplish several goals during the 2018 plan transition including, creating the new “Write Your Own Financial Story” brand identity for the Retirement Savings Plan, improving financial literacy, empowering participants to take advantage of counseling and advice offered by TIAA, introducing a new streamlined investment menu, launching a new 457(b) plan, adding self-directed brokerage accounts, and reducing fees.
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 Children’s Research Hospital Retirement Engagement Campaign: St. Jude partnered with TIAA to develop the “2018 Retirement Engagement Campaign,” that built upon previous education and advice programs. In this award-winning submission for the third straight year, we incorporated several supplemental communications designed to increase savings, participation, and workshops directed towards employees at different stages of their careers.
In the “ Pre-retirement Preparation” category, which recognizes organizations that have done the best job of educating participants nearing retirement on how much they should save, how to make their savings last and other steps they need to take for a financially secure retirement:
- 1st Place: Thomas Jefferson National Accelerator Facility annual Retirement Day event (Jefferson Lab, an organization managed by the Southeastern Universities Research Association sharing a single retirement plan): TIAA partnered with Jefferson Lab for the second straight year to help support their annual “Retirement Day” event which featured retiree medical benefits, income options in retirement, estate planning and long-term care, and Social Security.
In the inaugural “ Financial Wellness” category, which recognizes efforts that take a holistic view of employees' financial well-being outside of traditional retirement programs. TIAA and other retirement plan providers were included in this award:
- 2nd Place: University System of Georgia Financial Well-Being Program: The objectives of the University System of Georgia (USG) Financial Well-Being program was to provide employees with financial education, promote financial coaching, reduce financial stress, and to strengthen the partnership with its retirement plan providers. USG collaborated with financial experts from TIAA and other providers, utilizing TIAA’s Financial IQ Challenge.