State of California Adds Social Choice for Participants

February 27, 2001 ( - The State of California has added the Domini Social Equity Fund to the 111,000 participants of its Savings Plus Program, joining a growing trend toward adding social investment options for participants.

The fund was recently offered to 86,000 Ford employees (see Ford Employees Get Social Option ).

The Domini Social Equity Fund claims to be the first socially and environmentally screened index fund, and is the nation’s largest socially responsible mutual fund, with $1.4 billion in assets.  It tracks the Domini 400 Social Index, composed of the stocks of 400 companies that pass selected screens, including “positive” records in:

  • community involvement
  • the environment
  • diversity
  • employee relations

The index excludes companies with “significant” revenues from:

  • Alcohol
  • Tobacco
  • Gambling
  • Nuclear power
  • Weapons contracting

The Fund has recently been added to several of the nation’s largest retirement plan distribution platforms, including Goldman Sachs, American General Funds Alliance, Lincoln Life & Annuity Company and Prudential Securities’ PruChoice Program.  It is also available through American Express, Charles Schwab, Fidelity Investments, Manulife Financial and Putnam Investments according to the press release.

– Nevin Adams