Treasurer Magaziner has recommended, and the State Investment Commission has approved, a new socially responsible investment option -which excludes companies that manufacture firearms- for Rhode Island's 401(a) Defined Contribution plan.
"We know that members are interested in having their investments reflect their values, not only on guns, but also on environmental and social issues," said Treasurer Magaziner. "Rhode Island is one of the only states to include a socially responsible option in a Defined Contribution plan."
State employees who invest in Rhode Island's 401(a) Defined Contribution plan will have the option to invest in the Vanguard FTSE Social Index Fund (MUTF: VFTSX). This low-cost fund seeks to track a benchmark of large- and mid-capitalization stocks that have been screened for social, human rights, and environmental criteria.
"It is important that all of our elected officials take steps to reduce gun violence," said Linda Finn, President, Rhode Island Coalition Against Gun Violence. "I commend Treasurer Magaziner for offering a retirement investment option for State employees that includes a weapons restriction."
State employees will have the option to invest in VFTSX through their Defined Contribution plan beginning in May 2018.
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Contact: Randy Rice, Deputy Director of Communications (401) 487-3258 / firstname.lastname@example.org