NYC to Offer Socially Responsible Deferred Compensation Plan

NYC to Offer Socially Responsible Deferred Compensation Plan

a href=http://www.greenbiz.com/frame/1.cfm?targetsite=http://www.domini.com>Domini Social Investments LLC, manager of the Domini Social Equity Fund, the nation's oldest and largest socially responsible index fund, has been selected to manage the socially responsible account within the City of New York Deferred Compensation Plan, containing assets in excess of $190 million.

Previously available to over 180,000 New York City employees through the City's 457 deferred compensation plan, the socially responsible account is now available to an additional 250,000 individuals through the City's new 401k plan.

"We are honored to have been selected by the City of New York Deferred Compensation Plan to provide a socially responsible investment option to its plan participants," said Amy Domini, founder and a managing principal of New York-based Domini Social Investments. "This is more evidence of a growing demand for socially responsible investments in the retirement market, and we are pleased that Domini's products are viewed as attractive core holdings in some of the nation's largest retirement plans."

Domini will manage a separate account that is designed to mirror the performance of the Domini 400 Social Index, a widely recognized benchmark for socially responsible investors that is composed of the stocks of 400 large-capitalization domestic companies that pass a comprehensive set of social and environmental screens. The Index includes companies with positive records in community involvement, the environment, diversity and employee relations, and excludes companies deriving significant revenues from alcohol, tobacco, gambling, nuclear power and weapons contracting.

Over the past year, the Domini Socially Equity Fund has been added to other major retirement plans, including the Commonwealth of Massachusetts' Deferred Compensation Plan, with over $2.8 billion in assets, the State of California's Savings Plus deferred compensation plan, with over $4.7 billion in assets, and Ford Motor Company's 401k Plan, with over $17 billion in assets.

The Domini Social Equity Fund is also now available through several of the nation's largest retirement plan distribution platforms, including Fidelity Investments, American Express, Charles Schwab, Manulife Financial, T.Rowe Price, Putnam Investments, Prudential Securities, and other major retirement distribution programs.

The company manages more than $1.8 billion in assets for individual and institutional investors seeking to create positive change by integrating social and environmental values into their investment decisions. Its flagship fund, the Domini Social Equity Fund, was the first socially and environmentally screened index fund and is the nation's largest socially responsible mutual fund. The Fund includes companies with positive records in community involvement, the environment, diversity and employee relations, and excludes companies deriving significant revenues from alcohol, tobacco, gambling, nuclear power and weapons contracting.