Category Archives: Maryland
Protect our Pensions Urges Montgomery County Pension Board to Ignore Non- Binding Divestment Resolution
Recently the Montgomery County Council decided to put ideology above smart investing principles and vote for a resolution calling for the divestment of the county pension fund. The resolution vote follows a failed attempt to force the board to divest at the end of last year.
Protect our Pensions opposed the original bill and also opposed the resolution, stating:
… Read More
Given that the original bill was deemed simultaneously dangerous to the county’s pension funds and ineffective in its broader purpose,
Jeffrey Buddle, President of Montgomery County Career Fire Fighters Association, IAFF Local 1664, which represents around 1,500 firefighters in Maryland, wrote a strongly worded letter to members of the Montgomery County Council, asking them to reject a divestment resolution, which calls on county pension funds to sell off traditional energy stocks in order to make a political statement.
Asking the critical question, “what purpose does the resolution actually serve?” Mr. Buddle pointed out that the resolution would have no … Read More
After being rebuffed by pension board officials, labor union members, and citizens, the Montgomery County Council decided a few weeks ago to amend a controversial divestment bill into a resolution, which would encourage divestment, rather than mandate it. The Council is still scheduled to vote on that resolution on Tuesday, May 16.
Protect our Pensions has opposed the bill; we have stated:
… Read More
Given that the original bill was deemed simultaneously dangerous to the county’s pension funds and ineffective in
In its original form, the bill faced considerable opposition from a variety of groups. The Montgomery County Retired Employees Association (MCREA), which represents more than 6,000 retired County workers, submitted comments in December opposing the bill stating that “divestment offers symbolic rather than genuine impact on climate change given the complexity of fossil fuel investments.” … Read More