Board of Pensions of the Presbyterian Church (USA), Philadelphia, added a new investment option to its 403(b) plan.
Effective Jan. 3, participants will be able to contribute to Pax Global Environmental Markets Fund institutional class, a socially responsible fund that avoids investing in fossil-fuel companies.
The Pax World Investments fund invests in companies worldwide that produce products or create solutions to drive positive environmental performance, such as alternative energy or waste management technology.
This is the first time the church has made a Pax fund available to retirement savings plan participants, said board spokeswoman Lea Stanley.
The 403(b) plan had $574 million in assets as of Oct. 31.