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:
Given that the original bill was deemed simultaneously dangerous to the county’s pension funds and ineffective in its broader purpose, there is no reason that Council members should consider this resolution, as it proposes the same damaging behavior as the original bill. Legitimizing divestment, no matter what form, opens the possibilities pressures of divestment on other grounds, forcing lawmakers to play divestment whack-a-mole, and further destabilizing portfolios in the process.
Imposing divestment through a symbolic resolution should send a signal to the county’s retirees that elected officials on the County Council prefer to destabilize the county workers’ retirement savings.
Protect our Pensions has launched an online petition to encourage Council members to refrain from politicizing pension ideas and encouraging measures that ultimately do not bring any social change, while simultaneously harming investments.
Protect our Pensions encourages everyone residing within Montgomery County to sign our petition, available here, and tell the Council to stop politicizing pension investment decisions.