Calfornia Pension Committee Now Requiring Climate Experts on Company Boards (global warming, retirement)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In an effort to highlight the potential impacts of global warming, the nation’s largest public pension fund is asking corporations to include climate change experts on their governing boards.
On Monday, the investment committee for California Public Employees' Retirement System (CalPERS) voted to start requiring the corporations it invests in to include people on their boards who have expertise in climate change risk management strategies.
...
As major investors (CalPERS is worth $288 billion), pension systems can -- and do -- leverage the power of their wallets with corporations as a way of influencing policy.
Isn't this taxpayer money they are fooling with... without their consent?
-------------------------
A history (written in 2013) of the pension system is here.
Right now, the pension bill that Californians owe because of CalPERS is enormous. In a December 2011 study, former Democratic assemblyman Joe Nation, a public finance expert at Stanford University, estimated that CalPERS’s long-term pension debt is a sizable $170 billion if CalPERS achieves an average annual investment return of 6.2 percent in years to come. If the return is just 4.5 percent annually—a rate close to what more conservative private pensions often shoot for—the fund’s long-term liability rises to a forbidding $290 billion. By contrast, CalPERS itself estimated its long-term unfunded liability at merely $80 billion, using a lofty projected annual investment return of 7.75 percent. (The fund has recently cut that estimate to 7.5 percent.)
These are pensions - not individual retirement accounts. Depending on how it is set up, current employees - or taxpayers in this case - will guarantee pension accounts.
From my second link...
California taxpayers help fund CalPERS’s pensions and ultimately guarantee them
...
The pensions were funded by three sources: contributions from employers (that is, state and local governments); contributions from employees (though some governments opted to cover that expense); and money that the pension fund would gain by investing those contributions.
These are pensions - not individual retirement accounts. Depending on how it is set up, current employees - or taxpayers in this case - will guarantee pension accounts.
You should research the topic of your thread before posting then you wouldn't have to make guess about the subject of your thread.
CalPiers is the sole fiduciary administrator a variety of pension and medical benefit programs, including employee contributions. The California Constitution forbids the use of CalPiers funds to be used for anything other than assigned benefits so once that money is allocated by local, state and individual employees that money belongs solely to the beneficiaries.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
