A couple answers are applicable here, because the bucket "social" might be a little broad to answer this.
For G+: Engagement (shares, +1s, etc) does affect rankings for those people who have your G+ page and search relevant content to what you are posting on your G+ page, if they are logged in and getting personalized results. Additionally, if you are logged in and getting personalized results, your network (pages you have in a circle) on G+ who have liked, shared, engaged with content also seems to rank higher on your SERP.
Additionally, there is a strong correlation between high engagement on FB and Twitter posts (comments, likes, shares RTs) and ranking....but there is no definitive causal link that I am aware of. If you create good content that does well in social media, it is probably being linked in other places, and therefore will rank well.