Category Archives: New York
Pensions across the country are habitually underfunded. Recent reports released from the Center for State and Local Government Excellence show that state and local pension plans are only about 74% funded and have unfunded liabilities of about $1.4 trillion. They also found that 20% of pensions are under 60% funded. This is appalling when it is put into context that not only are the pensioners going without, but the extra costs falls on tax payers around the country.
Costs are … Read More
The past few weeks have seen a flurry of activity from divestment advocates across the country.
In California, the state Assembly passed AB 20, which is designed to pressure the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) to divest from the already operational Dakota Access Pipeline (DAPL). If successful, the bill would affect $4 billion worth of assets in CalPERS alone. Both pension funds have opposed the measure, with CalPERS stating that “there … Read More
In a recent article in New York’s Times-Union, the argument for fossil fuel divestment was made in connection to weather-changing events that have – and allegedly will – affect New York. This call for divestment action is misplaced. Fossil fuel divestment does not affect the environment and it does not reduce carbon emissions.
Instead of proactively making an impact to address environmental concerns, divestiture measures are merely a feel good strategy that does not directly help protect the environment. … Read More