For a long time, retirees have complained about their pension funds being mishandled in the name of political ideology, robbing them of a portion of their retirement money. SJWs pressure fund managers to invest in green energy or some otherwise negative investment of pension funds.
President Trump has put an end to that by creating a regulation that fund managers can be sued over these unwise uses of the pensioner’s money. People who have saved all their lives in order to retire with money in the bank should not be forced to invest in these failed policies of the left.
The Labor Department issued a warning Monday to managers of retirement funds to avoid using politically motivated investment strategies to tackle environmental issues. Several retirement funds have used exotic techniques during the past several years to submit proposals designed to push political campaigns.
Using resources to promote so-called environmental, social and governance (ESG) proposals is a violation of a pension fund’s fiduciary duty unless the proposal can financially improve the company’s value. If the shareholder cannot demonstrably prove the proposal’s financial benefit, then pension recipients can sue the retirement fund for mishandling their money.
A Department of Labor statement says:
“Fiduciaries (including investment managers) may not routinely incur significant plan expenses to pay for the costs of shareholder resolutions or special shareholder meetings, or to initiate or actively sponsor proxy fights on environmental or social issues.”
For instance, pension funds are being pressured to drop stocks of fossil fuel companies that over a period of years could cost the nation’s pension funds of trillions of dollars. All in the name of the climate change hoax. That is not fair to people worked and saved all of their lives so they could retire comfortably. Although oil stocks aren’t huge moneymakers like Apple or Google, they provide diversity and a steady income. In 50 years, the top 11 pension funds would lose 5 trillion dollars.
Trump….making America great again.