pensions

Our country faces an affordability crisis amidst fundamental attacks on democracy. Public employee pension plans can either be part of the solution or part of the problem.

Late last year, New York City Comptroller Brad Lander recommended the city’s pension boards drop BlackRock and other portfolio managers that don’t have decarbonization plans up to the city’s standards. Lander’s initiative was blocked, and the editorial board of The Washington Post accused him of playing politics. But Lander argued that his recommendation was in line with the government’s fiduciary duty to protect the long-term value of pension funds, the retirement systems most public sector workers rely on—and have been paying into their entire careers. He’s right. In this critical moment in history, companies that are actively hastening climate change, threatening housing security, eliminating jobs and industries, and destabilizing our democracy and economy do not deserve our investment. Yes, they are acting immorally but they are also very bad investments with little promise of future returns for public sector workers. It’s not “playing politics” to refuse to fund their efforts to dismantle our society. That’s why we’re calling on pension boards across the country to take a hard look at their portfolios and make the smart business decision: stop investing in companies like this today.