Social(k), an SRI retirement plan provider that works with nearly 400 financial advisors, had a good year in 2008 and expects another good one this year.
"Particularly with the economic downturn, investors are increasingly wanting to put their money in funds that have been screened for ethical conduct and are signing up with Social(k) in ever greater numbers," said Rob Thomas, president of Social(k), noting he views 2009 as another positive year for socially responsible retirement plans. Because of the popularity of the Social(k) program, Thomas was a finalist for Co-op America's "Green Business Leadership Award" in November 2008, for the second year in a row.
The number of companies and organizations adopting the company's socially responsible retirement platform for their 401(k) or 403(b) plans increased beyond expectations last year, he noted. New Social(k) clients in 2008 included organizations and companies from the animal welfare, environment, organic, sustainability, and foundations sectors, including 1Sky (Takoma Park, Md.), Animal Legal Defense Fund (Cotati, Calif.), Great Plains Institute (Minneapolis, Minn.), NY Jobs with Justice (N.Y., N.Y.), and Vermont Community Loan Fund (Montpelier, Vt).
The Social(k) platform includes more than 150 mutual funds, including Appleseed, Calvert, Pax, Parnassus, Portfolio 21 and Winslow Green Growth funds. Social(k), based in Springfield, Mass., also offers more than 2000 conventional funds.