RICHMOND, April 9, 2019 — The Virginia Retirement System's myVRS Financial Wellness Program took first place in the financial wellness category for public plans at the annual Eddy Awards sponsored by Pensions & Investments in March.
In a proactive approach to educate members about the importance of saving early and planning for retirement, VRS implemented the myVRS Financial Wellness Program in late 2017 in partnership with iGrad, creator of Enrich financial literacy content. The independent agency is among the first public retirement systems to offer financial wellness content through its public website, as well as personalized content — based on the member's profile — through a secure member portal.
"Our goal is to take a holistic approach to financial education and provide our members with the resources to work on their day-to-day financial habits," VRS Director Patricia Bishop said. "The myVRS Financial Wellness program offers education for members at all stages of their careers, from paying off student loans to buying a house and saving for retirement. We're honored to receive the Eddy Award recognizing these efforts."
The program is aimed at helping members make informed and educated decisions on everyday financial matters while saving for the future and retirement security. Users find tools, tips and time-savers that help them with debt and credit management, personal budgeting, spending habits, saving for goals, student loan repayment and career-development strategies. Research studies point out that many Americans are not saving enough for retirement and often lack the money-management skills needed for a secure future. Financial wellness programs help employees focus on their complete financial picture and also help employers by improving employee engagement and productivity at work.
The award, honoring communication campaigns that motivate and educate plan participants, was presented at P&I's annual East Coast Defined Contribution Conference in Ft. Lauderdale, Florida. A complete list of all Eddy Award winners is available on the P&I website.