Avangrid Management Company, LLC

FINALIST

Brian Williamson
Director, Benefits and Retirement

Location:

Orange, Connecticut
Industry:

Utility
Plan(s) Offered:

401(k); defined benefit; nonqualified deferred compensation
Plan Assets:

401(k) – $2.8B; DB – $2.1B; NQDC – $31M
Number of Participants:

401(k) – 10,647; DB – 9,971; NQDC – 103
DC Plan Participation Rate:

97%
DC Plan Average Deferral Rate:

12%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

Union, 6% or 7%; nonunion 8%
Default Investment Fund:

BlackRock LifePath Paycheck target-date funds
DC Plan Employer Contribution:

Union, 150% of 6% or 7%; nonunion, 150% of 8%
Recordkeeper:

Fidelity Investments
Plan Adviser:

Mercer
Financial Wellness Educator(s):

Fidelity Investments

Avangrid, a sustainable energy company, modernized its defined benefit plans, freezing legacy pensions and strengthening governance while generating over $100 million in cost savings. At the same time, the company advanced its 401(k) program with enhanced employer match features, an in-plan annuity option and targeted participant education. It launched a student loan debt repayment program, a financial wellness coaching benefit and total rewards statements. It also restructured its fiduciary committee and integrated retirement readiness planning into broader workforce considerations, helping leaders anticipate retirements and align staffing strategies with employer needs.

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