Participants in the Oregon Savings Growth Plan will now be able to invest in the TIAA-CREF Social Choice Equity Fund
The Oregon Investment Council (OIC) approved an environmental, social and governance (ESG) investment option for public employees. ESG criteria account for a company’s performance on environmental stewardship, social consciousness and accountable governance when evaluating a potential investment.
“There is growing demand for options to invest in companies that do well on environmental, social and governance criteria,” said State Treasurer Ted Wheeler, a member of the OIC. “This is something our Oregon Savings Growth Plan participants have asked for and we’re happy to come through for them.”
The ESG investment option will be available to participants in the Oregon Savings Growth Plan (OSGP). The OSGP is Oregon’s 457 Deferred Compensation plan, a supplementary retirement plan available to public employees. The OIC is responsible for oversight of the OSGP’s investment program, while the Oregon PERS Board oversees its administrative operations.
“Our members want to be able to invest their money in companies that respect their workers, the community and the planet,” said Rob Sisk, President of SEIU 503. “We commend the OIC for taking this action and will work with it to connect our members to this new option.”
The ESG option approved by the Oregon Investment Council is the TIAA-CREF Social Choice Equity Fund. TIAA-CREF has more than 90 years of investment experience, with approximately $613 billion in assets under management. The Social Choice Equity Fund is managed by TIAA-CREF’s equity index team. Treasury staff recommended TIAA-CREF after analyzing 34 responses to a request for information sent earlier this year.
The Oregon State Treasury grows public assets and saves Oregonians money through its investment, banking, and debt management functions. State investment policies are overseen by the Oregon Investment Council. The State Treasury also promotes public outreach and education to help Oregonians learn strategies to save money, invest for college and make smart financial choices.
