New Resource Bank Greens Its Employees’ 401(k) Investments with New Fossil-Free Options
New Resource Bank’s commitment to the triple-bottom-line of people, planet and prosperity now extends to its employees’ retirement plans! With the help of retirement advisers at Green Retirement, Inc. and impact advisers at HIP Investor, the bank introduced a new 401(k) plan option that allows our employees to eliminate coal, oil, gas and other fossil-energy producers from their retirement investments. Effective this month, the new 401(k) option includes socially responsible and fossil-free investment options managed by HIP Investor, an international leader in impact advising. HIP Investor Ratings analyze the stocks and bonds in a portfolio, then rate how sustainable, innovative, or extractive they are on a 100-point scale.
Socially responsible investment options are still a rarity among most 401(k) plans, making this a distinctive feature of the bank’s new plan. R. Paul Herman, CEO of HIP Investor, remarked, “Relative to traditional 401(k)s, New Resource Bank’s new 401(k) option has a broad mix of sustainable and socially responsible fund choices that have been analyzed, selected and recommended for inclusion by Green Retirement, Inc. Part of this review included HIP Investor ratings of the sustainability of the holdings in those funds.”
For New Resource Bank employees, the new plan option is a welcome addition. “As a bank with a mission, we all work here because we want to make the world a better place and we know that every dollar we spend or invest can be an agent of positive change,” said Tracy Tiernan, Manager of Partnerships. “I’m proud that we are now offering our employees the most sustainable, fossil-fuel-free retirement fund options possible. Our partners at HIP Investor and Green Retirement made it easy for us understand the impact of each fund and ensured that we were well-informed and empowered to make our own decision reflecting our personal values. I was eager for the change and moved my retirement funds on the first day it was available.”